by Sunday | Mar 21 | Accounting WAEC
A. software B. hardware C. monitor D. keyboard Correct Answer: Option A A. software Explanation Software is a set of instructions, data or programs used to operate computers and execute specific tasks. Opposite of hardware, which describes the physical aspects of a...
by Sunday | Mar 21 | Accounting WAEC
A. reserve B. goodwill C. freehold D. valuation price Correct Answer: Option B B. goodwill Explanation Goodwill is recorded when a company acquires (purchases) another company and the purchase price is greater than the fair value of the identifiable tangible and...
by Sunday | Mar 21 | Accounting WAEC
A. cash received B. cash payment C. contra settlement D. cheque payment Correct Answer: Option D D. cheque payment Explanation Creditor’s ledger control account is also known as purchases ledger control account or total creditors account. Interest charged by...
by Sunday | Mar 21 | Accounting WAEC
A. act B. deeds C. accord D. deal Correct Answer: Option B B. deeds Explanation A partnership deed, also known as a partnership agreement, is a document that outlines in detail the rights and responsibilities of all parties to a business operation. It has the force of...
by Sunday | Mar 21 | Accounting WAEC
A. materiality concept B. matching concept C. constituency concept D. realization concept Correct Answer: Option D D. realization concept Explanation The realization principle is the concept that revenue can only be recognized once the underlying goods or services...