by Sunday | Aug 19 | Accounting WAEC
i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date A. i B. ii C. iii D. i and ii E. i and iii Correct Answer: Option A –...
by Sunday | Aug 19 | Accounting WAEC
A. a charge for the wear and tear of a fixed asset B. the cost of replacing a fixed asset C. the loss incurred on the sale of a fixed asset D. the cost of repairs incurred on a fixed asset E. the increase in value of a fixed asset Correct Answer: Option D – the...
by Sunday | Aug 19 | Accounting WAEC
A. debited to the cash account and credited to the vendor’s account B. credited to the cash account and debited to the vendor’s account C. credited to the business purchases account and debited to the assets account D. debited to the business purchase...
by Sunday | Aug 19 | Accounting WAEC
A. purchases ledger B. general ledger C. nominal ledger D. sales ledger E. private ledger Correct Answer: Option D – sales ledger
by Sunday | Aug 19 | Accounting WAEC
A. reserved fund B. consolidated revenue fund C. development fund D. contingencies fund E. personal fund Correct Answer: Option B – consolidated revenue fund
by Sunday | Aug 19 | Accounting WAEC
A. actual amount spent B. amount of the float C. amount spent above the float D. balance of the float E. sum of unreceipted vouchers Correct Answer: Option B – amount of the float