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Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is?

A. realization concept B. entity concept C. going concern concept D. matching concept Correct Answer: Option B B. entity concept Explanation The entity concept ensures that only the expenses incurred by/for the business, incomes earned by the business, assets acquired...

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight-line method, what is the amount of depreciation charged per annum?

by Sunday | Jan 10 | Accounting WAEC

A. 6000 B. 1000 C. 1500 D. 2500 Correct Answer: Option C C. 1500 Explanation The formula to be adopted is : cost – estimated value years of useful life 10,000 – 4000 = 1500 4

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as?

by Sunday | Jan 10 | Accounting WAEC

A. Estimate B. Depreciation C. Asset D. Useful Life Correct Answer: Option B B. Depreciation Explanation Depreciation is the reduction in the economic service potentials of an asset as a result of wears, usage, tears and passage of...

Goods were purchased for resale on credit costing ₦150,000 on 30th September 2018 from Tosanwumi International. The entry to record this transaction is debit?

by Sunday | Jan 8 | Commerce WAEC

A. Tosanwumi International, credit purchase Account B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000 C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000 D. Tosanwumi International ₦150,000, credit credit Account ₦150,000...

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called?

by Sunday | Jan 8 | Accounting WAEC

A. Double entry system B. Ledger C. Cash Book D. Petty Cash Book Correct Answer: Option B B. Ledger Explanation Ledger is a separate record within the general ledger that is assigned to a specific asset, liability, equity item, revenue type, or expense type. Examples...

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Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is?

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight-line method, what is the amount of depreciation charged per annum?

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as?

Goods were purchased for resale on credit costing ₦150,000 on 30th September 2018 from Tosanwumi International. The entry to record this transaction is debit?

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called?

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