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Accounts - Principles of Accounts Past Questions

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2726

The partner whose liability goes beyond his capital is a 

  • A. nominal partner
  • B. general partner
  • C. limited partner
  • D. dormant partner
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2727

An effect of increase in the provision for depreciation is 

  • A. decrease in gross profit
  • B. increase in net profit
  • C. increase in gross profit
  • D. decrease in net profit
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2728

Uncredited cheques refer to cheques not yet credited
 

  • A. in the cash book
  • B. by the bank
  • C. by the drawer
  • D. in the ledger
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2729

Interim dividend paid in a year is 

  • A. debited to the Income Surplus Account/ Profit and Loss Appropriation Account
  • B. credited to the Income Surplus Account Profit and Loss Appropriation Account
  • C. debited to the Profit and Loss Account
  • D. credited to the Profit and Loss Account
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2730

A feature of government accounting is that the

  • A. fixed assets are depreciated
  • B. objective is to report profit made by the government
  • C. accounts are prepared on accrual basis
  • D. accounts are prepared on cash basis
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts