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Accounts - Principles of Accounts 2016 WAEC Past Questions

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46

A loan to a company under the company's seal is

  • A. Fixed deposit
  • B. Mortgage
  • C. Bond
  • D. Debenture
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47

Debts that a firm is unable to recover are debited to bad debts account and credited to

  • A. Suppliers account
  • B. Sales account
  • C. Customers account
  • D. Cash account
View Answer & Discuss (1) WAEC 2016
48

When a fixed asset is disposed off, the accounting entries to write off the asset are Debit

  • A. Profit and loss account; credit asset disposal account
  • B. Asset disposal account; credit profit and loss account
  • C. Asset disposal account, credit asset account
  • D. Profit and loss account; credit provision for depreciation account
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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49

The financial statement which is an expression of the accounting equation is the

  • A. Trading account
  • B. Profit and loss account
  • C. Balance sheet
  • D. Statement of cash flow
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50

Which of the following errors will affect the agreement of the trial balance?

  • A. Error of original entry
  • B. Error of commission
  • C. Error of transposition
  • D. Error of omission
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