When goods are sold for cash the credit entry goes to the
Trader's account
Cash book
Purchases account
Sales account
Customer’s account
Correct answer is D
No explanation has been provided for this answer.
Capital
Loan
Reserve
Drawings
Profit
Correct answer is A
No explanation has been provided for this answer.
The bank column in the cash book shows a credit balance of N180. This means
A total payment of N180
A gross receipt of N180
A left over of N180 in the bank
An overdraft of N180
A left over of N180 cash
Correct answer is D
No explanation has been provided for this answer.
N6,400 profit
N6,000 loss
N4,000 loss
N400 profit
N400 loss
Correct answer is E
No explanation has been provided for this answer.
The straight-line depreciation is
A fixed sum set aside for the replacement of the asset
A fixed percentage of the balance of the asset at the end of the year
An estimated amount each year
An increase in the value of the asset
A fixed percentage of the cost of the asset written off each year
Correct answer is E
No explanation has been provided for this answer.