by Sunday | Mar 20 | Accounting WAEC
A. a balance sheet B. a budget C. an income and expenditure account D. a cash book Correct Answer: Option B B. a budget Explanation A budget is an estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic...
by Sunday | Mar 20 | Accounting WAEC
A. office expenses B. salaries and allowances C. carriage inwards D. discounts allowed Correct Answer: Option B B. salaries and allowances Explanation A profit and loss account will include your credits (which includes turnover and other income) and deduct your debits...
by Sunday | Mar 20 | Accounting WAEC
A. an asset B. a liability C. a deficit D. a surplus Correct Answer: Option B B. a liability Explanation When a company receives money in advance of earning it, the accounting entry is a debit to the asset Cash for the amount received and a credit to the liability...
by Sunday | Mar 20 | Accounting WAEC
A. goods purchased on credit and subsequently returned to suppliers B. fixed asset bought on credit and subsequently returned to the supplier C. cash payment received from a customer and subsequently returned to the supplier D. goods sold to a customer and...
by Sunday | Mar 20 | Accounting WAEC
A. business entity B. materiality C. dual aspect D. realization Correct Answer: Option B B. materiality Explanation The materiality principle states that an accounting standard can be ignored if the net impact of doing so has such a small impact on the financial...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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