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Accounts - Principles of Accounts 2000 WAEC Past Questions

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16
When a buyer is undercharged, the seller forwards
  • A. a debit note
  • B. a credit note
  • C. an undercast note
  • D. a payment receipt
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17
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is
  • A. N2,000
  • B. N1,700
  • C. N1,400
  • D. N1,300
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18
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under
  • A. current lability
  • B. current asset
  • C. long term liability
  • D. fixes asset
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19
In computing, external storage is called
  • A. backing storage
  • B. logging storage
  • C. primary storage
  • D. extra storage
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20
Profit expressed as a fraction of the selling price is known as
  • A. mark-up
  • B. margin
  • C. gross profit
  • D. net profit
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