Accounting Archives - Page 212 of 386

Patent and Trade mark are classified under?

A. fixed assets B. current assets C. intangible assets D. wasting assets E. investments Correct Answer: Option C – intangible assets

John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?

by Sunday | Aug 18 | Accounting WAEC

A. debit plant account, credit current account B. debit current account, credit plant account C. credit plant account, credit profit and loss account D. debit profit and loss account, credit plant account E. debit plant account, credit capital account Correct Answer:...

Goods purchased for N92 was entered in the books as N29. This is an error of?

by Sunday | Aug 18 | Accounting WAEC

A. compensation B. omission C. commission D. principle E. original entry Correct Answer: Option E – original entry

A typewriter for office use sold for N5000 was posted to sales account. This is an error of a?

by Sunday | Aug 18 | Accounting WAEC

A. omission B. compensation C. commission D. principle E. original entry Correct Answer: Option D – principle

Purchase of goods for N1000 from Chukwu had been entered in Cukwura’s account. This is an error of?

by Sunday | Aug 18 | Accounting WAEC

A. omission B. compensation C. commission D. principle E. original entry Correct Answer: Option C – commission

Patent and Trade mark are classified under?

John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?

Goods purchased for N92 was entered in the books as N29. This is an error of?

A typewriter for office use sold for N5000 was posted to sales account. This is an error of a?

Purchase of goods for N1000 from Chukwu had been entered in Cukwura’s account. This is an error of?

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