Accounts - Principles of Accounts Past QuestionsQuestion 221:If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit? A. Preliminary expenses, credit cash accounts B. Promoter, credit creditors' accounts C. Lawyer's credit cash accounts D. Cash , credit incorporation accounts Question 222:Calls in advance are treated in the balance sheet as? A. Current asset B. Current liability C. Fixed assets D. Fixed liability Question 223:Shares issued to a vendor in payment of business purchased would require a debit to? A. Cash account and credit to share capital account B. Share capital account and credit to vendor's account C. Vendor's account and credit to share capital account D. Share capital account and credit to cash account Question 224:The best method of allocating expenses among departments is to? A. Allocate expenses to each department in proportion to the sales of that department B. Charge against each department those costs which are within its control C. Charge expenses against each department in proportion to the purchases of that department D. Allocate expenses to each section of the department in relation to the number of people Question 225:To record the transfer of stock from one department to another, the correct entry would be to debit? A. Goods outwards and credit goods inwards B. Merchandise account and credit department stock account C. Department transfering and credit department receivving D. Department receiving and credit department transfering |
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