by Sunday | Jan 10 | Accounting WAEC
A. double entry is based on the dual concept while single entry is not based on dual concept B. double entry is an account while single entry is not an account C. double entry keeps personal account while single does not D. double entry is useful for business...
by Sunday | Jan 10 | Accounting WAEC
A. for every debit entry, there must be a corresponding debit entry B. for every credit entry, there must be a corresponding credit entry C. all transactions must be recorded in two accounts, one account is debited and another is credited D. all transaction must be...
by Sunday | Jan 10 | Accounting WAEC
A. credits cash account and debits bank account B. credits cash account and debits drawing A/C C. debits cash account and credits drawings account D. debits bank account and credits drawings account Correct Answer: Option B B. credits cash account and debits drawing...
by Sunday | Jan 10 | Accounting WAEC
A. Increase in assets of motor vehicle account B. Decrease in assets of motor vehicle account C. Increase in assets of bank account D. Increase in liabilities of bank account Correct Answer: Option A A. Increase in assets of motor vehicle account Explanation The motor...
by Sunday | Jan 10 | Accounting WAEC
A. The buyers pay immediately for goods bought B. Settlement is deferred to a future date C. No account will be opened D. Item of expenditure increases Correct Answer: Option B B. Settlement is deferred to a future date Explanation In credit transactions, the transfer...