Impersonal account is subdivided into
Real and nominal accounts
Nominal and personal accounts
Real and current accounts
Personal and real accounts
Correct answer is A
IMPERSONAL ACCOUNTS represents accounts other than Personal Accounts. This may be sub-classified into:
a. Real Accounts, e.g. Asset Account; and,
b. Nominal Accounts, e.g. Income and Expenditure Accounts.
The costs of acquiring fixed assets and bringing them into the firm is a
General expenses
Recurrent expenditure
Revenue expenditure
Capital expenditure
Correct answer is D
Capital expenditure; money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.
A discount that is allowed to encourage a debtor to pay off his debt within a period is the
Annual discount
Trade discount
Periodic discount
Cash discount
Correct answer is D
A cash discount is a deduction allowed by some sellers of goods or by some providers of services in order to motivate customers to pay within a specified time. The cash discount is also referred to as an early payment discount.
Current account
Profit and loss account
Profit and loss appropriation account
Capital account
Correct answer is D
The partnership capital account is an equity account in the accounting records of a partnership. It contains the following types of transactions:
II and IV
II, III and IV
I, II and III
III and IV
Correct answer is B
The impurest system is a form of financial accounting system. The most common impurest system is the petty cash system. The base characteristic of an impurest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.