The accounts maintained in the nominal ledger are
Liabilities and capital
Assets and liabilites
Income and capital
Expenses and income
Correct answer is D
Nominal accounts are accounts in which income and expenditure are recorded. It relates to gains, losses, income, expenses e.g discount accounts, sales accounts etc.
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.