by Sunday | Mar 20 | Accounting WAEC
A. credited to profit and loss account B. debited to share premium account C. credited to share capital account D. credited to share premium account Correct Answer: Option B B. debited to share premium account Explanation A company issues its shares at a premium when...
by Sunday | Mar 20 | Accounting WAEC
A. consistency concept B. prudence concept C. accrual concept D. going concern concept Correct Answer: Option C C. accrual concept Explanation Accrual concept is the most fundamental principle of accounting which requires recording revenues when they are earned and...
by Sunday | Mar 20 | Accounting WAEC
A. surplus B. shortfall C. loss D. deficit Correct Answer: Option D D. deficit Explanation A deficit occurs for a nonprofit organization whenever its expenses exceed its revenue. (income is less than expenditure) . This is also true of businesses and government...
by Sunday | Mar 20 | Accounting WAEC
A. D33,000 B. D28,000 C. D23,000 D. D5,000 Correct Answer: Option C C. D23,000 Explanation The petty cash monthly imprest= 28,000 Debit balance (amount left in the imprest) = 5,000 28,000 – 5,000 = 23,000 we need 23,000 to reimburse the...
by Sunday | Mar 20 | Accounting WAEC
A. assets disposal account; credit provision for depreciation account B. provision for depreciation account; credit asset disposal account C. fixed asset account; credit asset disposal account D. asset disposal account; credit fixed asset account Correct Answer:...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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