by Sunday | Jan 10 | Accounting WAEC
Given: ₦ Equipment 10,000 Motor Vehicle 15,000 Loan 4,500 Creditors 3,000 Sub in advance 150 Sub in arrears 3500 A. ₦14,150 B. ₦20,850 C. ₦21,850 D. ₦14,200 Correct Answer: Option B B. ₦20,850 Explanation Accumulated fund = Assets – liabilities 10,000 +...
by Sunday | Jan 10 | Accounting WAEC
A. cost of goods sold B. cost of production C. Gross profit D. Finished goods Correct Answer: Option B B. cost of production Explanation The manufacturing account forms an integral part of the revenue account of a manufacturing organization. It is prepared to...
by Sunday | Jan 10 | Accounting WAEC
A. profit B. capital C. loss D. cash Correct Answer: Option C C. loss Explanation The difference between opening and closing capital will give either a profit or loss. If the opening capital is greater than closing capital then loss and vice...
by Sunday | Jan 10 | Accounting WAEC
Use the information to answer this question. Payment to creditors ₦12,250 Creditors at start ₦550 Creditors at end ₦830 A. ₦550 B. ₦12,250 C. ₦12,530 D. ₦830 Correct Answer: Option D D. ₦830 Explanation The creditors at the end figure is used for the balance...
by Sunday | Jan 10 | Accounting WAEC
Use the information to answer this question. Payment to creditors ₦12,250 Creditors at start ₦550 Creditors at end ₦830 A. ₦11,970 B. ₦11,000 C. ₦1,250 D. ₦12,053 Correct Answer: Option C Explanation 12,250 + 830 – 550 13,080 – 550...
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