43
A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit
- A. asset account credit purchase account
- B. asset account credit capital account
- C. capital account credit asset account
- D. capital account credit profit and loss account
44
Which of the following is not a source document?
- A. journal paper
- B. sales invoice
- C. debit note
- D. credit note
45
When closing stock is overstated, it would reduce,
- A. cost of sales and increase gross profit
- B. gross profit and increase cost of sales
- C. purchases and increases sales
- D. sales and increase purchases
46
Trade discounts are given for
- A. bulk purchases
- B. prompt payment
- C. quick delivery
- D. cash payment
47
The objectively of accounting information is enable users to
- A. prepre the financial statements
- B. value stock
- C. make decisions
- D. prepare budgets