43
Cash discount is given for
- A. buying in large quantity
- B. prompt settlement of account
- C. being a cash reqular customer
- D. introducing other customers
- E. sales returns
44
Cash discount is given for
- A. buying in large quantity
- B. prompt settlement of account
- C. being a regular customer
- D. introducing other customers
- E. sales returns
45
When a buyer is undercharged, the seller forwards
- A. undercast note
- B. consignment invoice
- C. purchases in voice
- D. debit note
- E. credit note
46
A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are
- A. debit cash account N5,200, credit suspense account N5,200
- B. credit cash account N5,200, debit suspense account N5,200
- C. debit cash account N2,600, credit suspense account N2,600
- D. credit cash account N2,600, debit suspense account N2,600
- E. credit cash account N2,600, debit bank account N2,600
47
Where a proprietor withdraws cash from bank for office use, the entries would be
- A. credit cash account, debit bank account
- B. debit cash account, credit bank account
- C. debit officer account, credit bank account
- D. debit drawings account, credit bank account
- E. debit bank account, credit drawings account
48
Carriage outwards is charged to the
- A. debit side of profit and loss account
- B. credit side of profit and loss account
- C. credit side of trading account
- D. debit side of profit and loss Appropritation account
- E. debit side of Balance under current liabilities
49
Which of the following statements is not valid?
- A. provision for bad debts is deducted from debtors total in the Balance sheet
- B. An increase in provision for bad debts appears on the debi side of the profit and loss account
- C. a decrease in the provison for bad debts appears on the credit side of profit and loss accoun
- D. the bas debt account is closed to the debit side of the profit and loss account
- E. bad debt is a deduction from debtors total afte making provision for bad and boughtful debts