Accounting WAEC - Page 19 Of 213

Manufacturing account is prepared to determine the?

A. cost of goods sold B. cost of goods produced C. profit on goods produced D. value of work-in-progress Correct Answer: Option B – cost of goods produced

An amount set aside out of profit for a specific purpose is a?

by Sunday | Apr 7 | Accounting WAEC

A. reserve B. liability C. provision D. discount Correct Answer: Option A – reserve

Accounting information that is useful for the intended purpose and would make a difference in decision making is

by Sunday | Apr 7 | Accounting WAEC

A. comparable B. consistent C. relevant D. reliable Correct Answer: Option A – comparable

Members of a not-for-profit making organization

by Sunday | Apr 7 | Accounting WAEC

A. earn dividends on their contributions B. do not receive surplus at the end of the year C. are paid interest on their contributions D. share profits according to their contributions Correct Answer: Option B – do not receive surplus at the end of the...

Subsidiary books of account are used to record transactions?

by Sunday | Apr 6 | Accounting WAEC

A. made in the same period B. of a similar nature C. involving minor amounts D. without source documents Correct Answer: Option D = without source documents

All cash transactions of a not-for-profit making organization are recorded in

by Sunday | Apr 6 | Accounting WAEC

A. three-column cash book B. income and expenditure account C. subscriptions account D. receipts and payments account Correct Answer: Option B = income and expenditure account

Manufacturing account is prepared to determine the?

An amount set aside out of profit for a specific purpose is a?

Accounting information that is useful for the intended purpose and would make a difference in decision making is

Members of a not-for-profit making organization

Subsidiary books of account are used to record transactions?

All cash transactions of a not-for-profit making organization are recorded in

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