by Sunday | Mar 21 | Accounting WAEC
A. bases B. techniques C. concepts D. method Correct Answer: Option C C. concepts Explanation Accounting concepts and conventions are the basic assumptions that underline the preparation of the periodic financial statements of a...
by Sunday | Mar 21 | Accounting WAEC
A. run a charity organization B. pursue a social objective C. form a business for profit D. run a religious objective Correct Answer: Option C C. form a business for profit Explanation The purpose of partnership agreement (or partnership contract) is to establish a...
by Sunday | Mar 21 | Accounting WAEC
A. income and expenditure account B. receipts and payments account C. two-column cashbook D. petty cash bok Correct Answer: Option B B. receipts and payments account Explanation “A receipt and payment account is a summarized cash book (cash and bank) for a given...
by Sunday | Mar 21 | Accounting WAEC
A. net book value B. realizable value C. gross value D. revalued amount Correct Answer: Option D D. revalued amount Explanation When an asset is sold that has previously been revalued, the revaluation within the carrying value is debited to the Revaluation Reserve....
by Sunday | Mar 21 | Accounting WAEC
A. reproduction B. debugging C. sorting D. retrieving Correct Answer: Option B B. debugging