Capital for a profit making organization is generated through
Subscription
Shares
Donation
Gift
Correct answer is B
Share: profit making organizations use different shares such as ordinary and preference shares to source for money from the public
Which of these accounts is dissolution expenses credited?
Partners capital account
Revaluation account
Partners current account
Realization account
Correct answer is D
Realization account: the cash realized from sales of asset is credited to it.
Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
The yearly depreciation using the straight line method would be?
N5,200
N6,500
N8,800
N4,400
Correct answer is A
No explanation has been provided for this answer.
Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
N11,000
N7,000
N4,000
N24,000
Correct answer is C
No explanation has been provided for this answer.
Saka's account and credit discount received account
Alaka's account and credit discount received account
Discount received account and credit Alaka's account
Discount allowed account and credit Alaka's account
Correct answer is A
Alaka is a debtor to saka we therefore
debit saka's cash account and credit allowed account