by Sunday | Mar 19 | Accounting WAEC
A. 5% B. 10% C. 12% D. 15% Correct Answer: Option A A. 5% Explanation: In the Absent of an agreement, the partners will share profits and losses equally. If an agreement exists, partners divide profits based on the terms specified. Any reason can be used as the basis...
by Sunday | Mar 19 | Accounting WAEC
A. Credited to partners capital accounts B. Credited to partners current accounts C. Debited to partners capital accounts D. Debited to partners current accounts Correct Answer: Option B B. Credited to partners current accounts Explanation Each partner has a separate...
by Sunday | Mar 19 | Accounting WAEC
A. Realization concept B. Business entity concept C. Cost concept D. Dual aspect concept Correct Answer: Option B B. Business entity concept Explanation The business entity concept states that the transactions associated with a business must be separately recorded...
by Sunday | Mar 19 | Accounting WAEC
A. Receipts and payments account only B. Income and expenditure only C. Receipts and payments account and balance sheet D. Income and expenditure account and balance sheet Correct Answer: Option C C. Receipts and payments account and balance sheet Explanation The...
by Sunday | Mar 19 | Accounting WAEC
A. Electricity B. Donations C. Stationery D. Bar suppliers Correct Answer: Option B B. Donations Explanation In the income and expenditure account, Expenditure (payments) is recorded on the debit side and income (receipts) is recorded on the credit side. If the credit...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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