by Sunday | Jan 6 | Accounting WAEC
A. purchase order B. credit note C. proforma invoice D. sales order Correct Answer: Option A = purchase order Explanation The purchase order is a document generated by the buyer and serves the purpose of ordering goods from the supplier. The document indicates the...
by Sunday | Jan 6 | Accounting WAEC
A. credited to current account B. credited to appropriation account C. debited to appropriation account D. debited to current account Correct Answer: Option D – debited to current account Explanation Drawing is the amount withdrawn or taken out of the business...
by Sunday | Jan 6 | Accounting WAEC
Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of A. bank charges B. direct debit C. standing order D. credit transfer Correct Answer:...
by Sunday | Jan 6 | Accounting WAEC
A. profit on goods produced B. cost of goods produced C. cost of goods sold D. profit on goods sold Correct Answer: Option B – cost of goods produced Explanation Manufacturing account is prepared to determine the cost of production or cost of goods manufactured...
by Sunday | Jan 6 | Accounting WAEC
A. dual aspect concept B. realization concept C. materiality concept D. business entity concept Correct Answer: Option C – materiality concept Explanation Materiality is a principle which states that only items of material value are recorded. For example, the...
by Sunday | Jan 6 | Accounting WAEC
A. business entity concept B. money measurement concept C. prudence concept D. materiality concept Correct Answer: Option C = prudence concept Explanation Prudence also known as conservatism. The principles states that the accountant should not be anticipate income...
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