Which of the following accounts are closed at the end of an accounting period?
ABalance sheet accounts
BNone of them
CReal accounts
DNominal accounts
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Correct answer
D. Nominal accounts
Explanation
Nominal accounts is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. No
Explanation
No is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Cash and cash equivalent
Explanation
Cash and cash equivalent is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Debtors journal
Explanation
Debtors journal is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Royalty
Explanation
B. The amount paid to the landlord for use of rights vested in him is the royalty. Dividend is the amount paid for the investment made in an enterprise and is not the correct answer. Purchase consideration is the price paid for receiving a title of a property moveable and immoveable and is not the correct answer. Installment is the payment of amount in stages and is not the amount paid for using the rights vested in the landlord and is not the correct answer.
Correct answer
C. Credit balance
Explanation
Credit balance is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Bank overdraft
Explanation
Bank overdraft is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Sales
Explanation
Sales is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Depreciable value
Explanation
Depreciable value is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Acceptor‘s Account is debited in the books of drawer
Explanation
When a bill discounted with bank has been dishonoured, the drawer debits the Acceptors Account (restores the acceptor status a debtor for the amount due) and credits the Bank Account or Cash Account (the amount he pays to bank). The acceptor debits the Bills Payable Account, the noting charges and credits the Drawer‘s Account (Restores the status quo of the creditor to whom he is due to pay). Hence option A. is correct. All other options are incorrect.