Profit distributed to ordinary shareholders of a limited liability company is
Dividend
Interest
Surplus
Reserve
Correct answer is A
Dividend is the proportion of the company's profit which is distributable to the shareholders.
The accounting concept which is the basis upon which assets of a business are valued is the
Dual aspect concept
Consistency concept
Accrual concept
Historical concept
Correct answer is D
Historical concept is also known as Cost concept. This cost implies that the accountant determines the value of an asset by reference to the cost of its acquisition and not by the value of returns which are expected to be earned.
One of the internal users of accounting information is the
Management
Government
Creditors
Investors
Correct answer is A
The internal users are the primary users of accounting information and included the following:
- Owners (shareholders) of the company
- The management of the company
- The employees of the company
Suppliers' personal account are found in the
private ledger
nominal ledger
purchases ledger
sales ledger
Correct answer is C
The purchases ledger contains accounts of creditors i.e it is the book for supplier personal account.
In the final account of a limited liability company, debenture interest paid is recorded in the
capital account
profit and loss account
trading account
current account
Correct answer is B
Debenture interest is recorded on the debit side of the profit and loss account.