To write off bad debt, debt?

• A. debtor's account and credit provision for bad debt
• B. bad debt account and credit debtor's account
• C. debtor's account credit bad debt
• D. provision for bad debt account and credit debtor's account

The assumption that a business has perpetual existence is recognized by _______.

• A) entity concept
• B) periodicity concept
• C) going concern concept
• D) realization concept

The difference between double entry and single entry is

• A. double entry is based on the dual concept while single entry is not based on dual concept
• B. double entry is an account while single entry is not an account
• C. double entry keeps personal account while single does not
• D. double entry is useful for business enterprise while single entry is not

The following accounting entries are made when bad debt is recovered

• A. debit bad debts accounts and credit bad debt recovered account
• B. debit debtors accounts and recovered account
• C. debit bad debts recovered account and credit bad debts account
• D. debit bad debts account and credit profit and loss account

Petty cash book records transactions on

• A. the debit side only
• B. the credit side only
• C. both credit and debit sides
• D. reversed entry

The bank charges levied on a current account holder is the charge on?

• A. transaction
• B. turnover
• C. transfer
• D. cash received

The total of the creditors at the beginning of the year was N4,600 and at the end of the year N5,250. During the year, N26,500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be

• A. N26,630
• B. N27,038
• C. N27,150
• D. N27,28

A company paid cash in redemption of N10,000 debenture. The accounting entry to record this will be to debit?

• A. cash and credit debenture
• B. debenture and credit cash
• C. cash and credit capital
• D. capital and debit cash

Discounts granted branch customers are treated as a debit to branch?

• A. stock account and a credit to branch debtors' account
• B. discount account and a credit to branch bank account
• C. stock account and a credit to branch bank account
• D. discount account and a credit to branch debtors' account

(i) Profits and looses will be shared unequally. (ii) Interest is not allowed on capital. (iii) Salaries are not allowed. (iv) Interest is charged on drawings.

From the above, which of the following would apply where there is no agreement during partnership formation?

• A. i only
• B. i, ii and iii
• C. i, ii and iv
• D. ii and iii