by Sunday | Apr 23 | Accounting WAEC
A. fixed assets are depreciated B. objective is to report profit made by the government C. accounts are prepared on accrual basis D. accounts are prepared on cash basis Correct Answer: Option B – objective is to report profit made by the...
by Sunday | Apr 23 | Accounting WAEC
A. debited to the Income Surplus Account/ Profit and Loss Appropriation Account B. credited to the Income Surplus Account Profit and Loss Appropriation Account C. debited to the Profit and Loss Account D. credited to the Profit and Loss Account Correct Answer:...
by Sunday | Apr 23 | Accounting WAEC
A. in the cash book B. by the bank C. by the drawer D. in the ledger Correct Answer: Option A – in the cash book
by Sunday | Apr 23 | Accounting WAEC
A. decrease in gross profit B. increase in net profit C. increase in gross profit D. decrease in net profit Correct Answer: Option C – increase in gross profit
by Sunday | Apr 23 | Accounting WAEC
i. cost less depreciation for the period only. ii. cost less total depreciation to date. iii. written down values A. i only B. ii only C. i and ii only D. i and iii only Correct Answer: Option D – i and iii...
by Sunday | Apr 23 | Accounting WAEC
A. nominal partner B. general partner C. limited partner D. dormant partner Correct Answer: Option B – general partner
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