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Accounts - Principles of Accounts Past Questions

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subscription received during the year N30,000. Subscription owed last year  N4,000. subscription received for next year N6,000. 

use the details above to answer the following question.

2586

The N6,000 subscription received is?

  • A. capital
  • B. fixed asset
  • C. current liability
  • D. current asset
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2587

what is the subscription to be charged to income and expenditure account?

  • A. N20,000
  • B. N30,000
  • C. N34,000
  • D. N36,000
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2588

A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?

  • A. N29,200
  • B. N17,800
  • C. N32,800
  • D. N19,600
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2589

The current growth in the volume of trading and financial dealings in nigerian is helped by?

  • A. credit as a factor in business
  • B. payments for goods in cash
  • C. increased financial activities
  • D. government intervention
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2590

when a bill is negotiated to a bank , it is said to be?

  • A. accepted
  • B. discounted
  • C. surrendered
  • D. cashed
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