Accounting (S.S.2)
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1 / 10
“Accountant do not count their chicken before they are hatched,” this is the concept of
2 / 10
When the receipt exceeds payment in the receipts and payment account, which of the following is an appropriate treatment for it?
3 / 10
The straight-line depreciation is:
4 / 10
_________ represents a reduction in the price of goods given to special classes of customers
5 / 10
Which of the following causes depreciation?
6 / 10
Bird and Egg Ventures decides to dispose of one of its motor vehicles which had originally cost ₦900,000. The asset was sold after 6 years for ₦140,000. The partners had estimated a useful life of 8 years for the assets and depreciation is on a straight-line basis. What is the total depreciation (accumulated depreciation) at the end of the fourth year?
7 / 10
A machine costs ₦12,000 and has a useful life of 4 years, with an expected disposal value of ₦400. Using the straight-line method, what is the annual depreciation?
8 / 10
Carriage inwards is shown on the _______
9 / 10
S. Sule sets aside from his private funds ₦20,000 for business purposes. The ₦20,000 is referred to as _________
10 / 10
The accounting concepts that supports the application of double entry book-keeping is _________
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