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The balance outstanding this year is N300. sales for the year amounted to?

by Sunday | Aug 19 | Accounting WAEC

Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to A. N2,300 B. N2,200 C. N2,000 D. N1,800 E. N1,700 Correct...
Which of the following is in the personal Ledger?

Which of the following is in the personal Ledger?

by Sunday | Aug 19 | Accounting WAEC

A. discount allowed account B. interest received account C. cash sales account D. debtors account E. assets account Correct Answer: Option D – debtors account
Which of the following is in the personal Ledger?

Discount allowed is a charge to?

by Sunday | Aug 19 | Accounting WAEC

A. trading account B. balance sheet C. profit and loss account D. profit and loss appropriation account E. current account Correct Answer: Option C – profit and loss account
Which of the following is in the personal Ledger?

N100 received from Laifat was entered on the payments side of the cash book with the double-entry completed in her account. The correcting journal entries are?

by Sunday | Aug 19 | Accounting WAEC

A. debit Latifat’s account, credit cash book with N100 B. credit Latifat’s account, debit cash book with N100 C. credit Latifa’s account, debit cash book with N200 D. debit Latifat’s account, credit cash book with N200 E. credit Latifat’s...
Which of the following is in the personal Ledger?

Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the?

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 –...
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