Which of the following accounts is not kept by a local government?
Departmental votes revenue account
Departmental votes expenditure account
Deposit account
Advances account
Profit and loss account
Correct answer is E
No explanation has been provided for this answer.
Credited to the trading account
Debited to the trading account
Credited to the profit account
Debited to the profit and loss account
Debited to the profit and loss appropriation account
Correct answer is B
No explanation has been provided for this answer.
Gavon. Ltd. failed to record N2,000 wages. The error committed is that of
Omission
Commission
Principle
Compensation
Original entry
Correct answer is A
No explanation has been provided for this answer.
Income received in advance is shown in the balance sheet as
Current asset
Intangible asset
Tangible asset
Long term liabilities
Current liabilities
Correct answer is A
No explanation has been provided for this answer.
Which of the following is a Revenue Income?
The sale proceeds of an old table
The sale proceeds of shares
Loan refund
Debt recovered
The sale proceeds of an old typewriter
Correct answer is D
No explanation has been provided for this answer.