Which of the following is a fictitious asset?
Plant and machinery
Prepayment
Preliminary expenses
Investment
Fixtures and fittings
Correct answer is C
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.
Current asset
Fixed asset
Long term liability
Current liability
Tangible asset
Correct answer is C
No explanation has been provided for this answer.
Trade debts amounting to N300 were written off. Which of the following would be affected?
Purchases
Profit and losses
Creditors
Sales ledger
Trading account
Correct answer is D
No explanation has been provided for this answer.
A partner's drawing is debited to
Profit and loss appropriation account
Interest account
Loan account
Current account
Trading account
Correct answer is D
No explanation has been provided for this answer.