by Sunday | Aug 20 | Accounting WAEC
A. if you receive goods on credit the seller becomes your creditor B. for every debit entry there must be a corresponding credit entry C. one party receives and another party gives value D. purchases and sales are stated separately E. for every seller there is a buyer...
by Sunday | Aug 20 | Accounting WAEC
A. trial balance as a debit B. trial balance as a credit C. balance sheet as a fixed asset D. balance sheet as a long term liability E. balance sheet as a current liability Correct Answer: Option B – trial balance as a...
by Sunday | Aug 20 | Accounting WAEC
A. debit side of sales control account and the credit side of purchases control account B. debit side of sales ledger control account only C. debit side of purchases ledger control account D. credit side of the sales ledger control account E. credit-side of the...
by Sunday | Aug 20 | Accounting WAEC
A. total purchases B. total sales C. the total of the debtors D. the total of the creditors E. the total credit purchases Correct Answer: Option D – the total of the creditors
by Sunday | Aug 20 | Accounting WAEC
A. appropriation account B. current assets in the balance sheet C. current liabilities in the balance sheet D. tradng account E. profit and loss account Correct Answer: Option B – current assets in the balance sheet