by Sunday | Jan 10 | Accounting WAEC
A. AIM is profit making B. It is for a specific venture C. Involves two people D. have rights and duties Correct Answer: Option B B. It is for a specific venture Explanation Joint venture is for a specific venture while partnership is for a perpetual...
by Sunday | Jan 10 | Accounting WAEC
A. Standards Advisory Council B. International Accounting Standards Board C. Nigerian Accounting Standards Board D. Standing Interpretations Committee Correct Answer: Option B B. International Accounting Standards Board Explanation Accounting standard is a statement...
by Sunday | Jan 10 | Accounting WAEC
A. verifies the accuracy of balances of cash book and cheque book B. helps to detect and rectify any error C. helps to debit an account D. helps to update the cash book Correct Answer: Option C C. helps to debit an account Explanation Bank statement is prepared by the...
by Sunday | Jan 10 | Accounting WAEC
A. cash and credit B. personal and impersonal C. Accrual and Cash D. Drawings and Private Correct Answer: Option C C. Accrual and Cash Explanation Accounting bases are the totality of method adopted by enterprises for applying fundamental accounting concepts to its...
by Sunday | Jan 10 | Accounting WAEC
Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted...
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