by Sunday | Jan 6 | Accounting WAEC
Use the following information to answer question below A trader bought goods worth #16,000 and sold three-quarter of it for #20,000 A. 1/2 B. 1/5 C. 2/5 D. 2/3 Correct Answer: Option B – 1/5 Explanation Margin = Profit/Selling Price x 100 = 4,000/20,000 x 100 =...
by Sunday | Jan 6 | Accounting WAEC
Use the following information to answer question below A trader bought goods worth #16,000 and sold three-quarter of it for #20,000 A. #4,000 B. #8,000 C. #12,000 D. #6,000 Correct Answer: Option A –...
by Sunday | Jan 6 | Accounting WAEC
A. customer B. employee C. shareholder D. director Correct Answer: Option D – director Explanation Directors are agents to the company. They are expected to manage the business on behave of their principal, the shareholders. As a result, they are accountable to...
by Sunday | Jan 6 | Accounting WAEC
A. returns outwards B. carriage outwards C. returns inwards D. carriage inwards Correct Answer: Option A – returns outwards Explanation The rule of a trial balance is : – debit all expenses and assets – credit all income and gain and liabilities...
by Sunday | Jan 6 | Accounting WAEC
Use the following information to answer the question below D Motor vehicle 500000 Stock 35000 Debtors 18000 Cash 12850 Bank Overdraft 280000 Creditors 21500 A. D 301,500 B. D 258,500 C. D 264,350 D. D 280,000 Correct Answer: Option A = D 301,500...
by Sunday | Jan 6 | Accounting WAEC
Use the following information to answer the question below D Motor vehicle 500000 Stock 35000 Debtors 18000 Cash 12850 Bank Overdraft 280000 Creditors 21500 A. D 65,850 B. D 367,350 C. D 345,850 D. D 87,850 Correct Answer: Option A = D 65,850 Explanation...
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