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...
by Sunday | Jan 6 | Accounting WAEC
Use the following information to answer the question below $ Cash book balance (credit) 750 Uncredited cheques 500 Unpresented cheques 1680 Direct credit 300 Bank charges 150 A. $ 580 Cr. B. $ 430 Dr. C. $ 430 Cr. D. $ 1,480 Cr. Correct Answer: Option C –...
by Sunday | Jan 6 | Uncategorized
Use the following information to answer the question below $ Cash book balance (credit) 750 Uncredited cheques 500 Unpresented cheques 1680 Direct credit 300 Bank charges 150 A. $ 600 Cr B. $ 300 Cr C. $ 900 Cr D. $ 1,200 Cr Correct Answer: Option B = $ 300 Cr...
by Sunday | Jan 6 | Accounting WAEC
A. x-ray machine B. incubators C. drugs D. theatre equipment Correct Answer: Option C – drugs Explanation Revenue expenditures are expenses used for the day-to-day running of the activities of the government. These expenses are charged to consolidated fund and...
by Sunday | Jan 6 | Accounting WAEC
A. cash sales B. trade debtors C. credit sales D. trade creditors Correct Answer: Option B = trade debtors Explanation The sales ledger control account is also called total debtors control account. It is the control account for sales or debtors...
by Sunday | Jan 6 | Accounting WAEC
Use the information to answer the question below Years Current Assets Liabilities Fixed Assets Capital # # # # 2018 52550 78600 127450 X 2017 41650 53220 Y 116780 A. #170,000 B. #128,350 C. #94,870 D. #211,650 Correct Answer: Option B = #128,350 Explanation Y...
by Sunday | Jan 6 | Accounting WAEC
Use the information to answer the question below Years Current Assets Liabilities Fixed Assets Capital # # # # 2018 52550 78600 127450 X 2017 41650 53220 Y 116780 A. #78,600 B. #180,000 C. #101,400 D. #258,600 Correct Answer: Option C = #101,400 Explanation X...
by Sunday | Jan 6 | Accounting WAEC
A. formation expenses B. administrative expenses C. distribution expenses D. general expenses Correct Answer: Option A Explanation Preliminary expenses are expenses expended in the formation of a company. They are referred to as formation expenses and it is a part of...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.