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Accounts - Principles of Accounts Past Questions

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2341

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

  • A. current account
  • B. profit and loss account
  • C. profit and loss appropriation account
  • D. capital account
View Answer & Discuss (2) JAMB 2016
2342

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

  • A. annual discount
  • B. trade discount
  • C. periodic discount
  • D. cash discount
View Answer & Discuss JAMB 2016
2343

The costs of acquiring fixed assets and bringing them into the firm is a

  • A. general expenses
  • B. recurrent expenditure
  • C. revenue expenditure
  • D. capital expenditure
View Answer & Discuss (1) JAMB 2016
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2344

Impersonal account is subdivided into

  • A. real and nominal accounts
  • B. nominal and personal accounts
  • C. real and current accounts
  • D. personal and real accounts
View Answer & Discuss (1) JAMB 2016
2345

Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?

  • A. #36,902
  • B. #27,502
  • C. #12,498
  • D. #43,098
View Answer & Discuss (5) JAMB 2016
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