A business firm incurs labour cost in installing machinery. This should be treated as
Salaries account
Machinery account
Debtors account
Creditors account
Correct answer is B
No explanation has been provided for this answer.
Which of the following is not correct?
Increases in asset accounts are entered on the debit side
Decreases in assets accounts are entered on the credit side
Increases in liability accounts are entered on the credit side
Decreases in liability accounts are entered on the credit side
Correct answer is D
No explanation has been provided for this answer.
Principle
Omission
Reversal of entries
Original entries
Correct answer is A
No explanation has been provided for this answer.
Commission of N5,000 to a sales representative is debited to salaries account. This is an error of
Reversal of entries
Principle
Commission
Compensation
Correct answer is B
No explanation has been provided for this answer.
Suppliers personal accounts are found in the
Purchases ledger
Sales account
Purchases accoun
Sales ledger
Correct answer is A
No explanation has been provided for this answer.