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Accounts - Principles of Accounts 2018 WAEC Past Questions

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46

The accounting entry for cash realized from the sale of assets on the dissolution of a partnership is debit------

  • A. cash account, credit partners capital account
  • B. asset account; credit cash account
  • C. cash account; credit realization account
  • D. realization account; credit cash account
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47

The process of distributing shares to successful applicants is------.

  • A. allocation
  • B. apportionment
  • C. allotment
  • D. application
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48

Interim dividend paid in the year is--------

  • A. debited to the profit and loss account
  • B. debited to the income surplus account
  • C. credited to the profit and loss account
  • D. credited to the income surplus account
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49

The basis of apportionment of insurance on building in departmental accounts is--------

  • A. floor space occupied by the department
  • B. purchase cost of the building
  • C. value of the building
  • D. number of offices in the building
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50

Under the cost method in branch accounting, branch gross profit is disclosed in the-------

  • A. goods sent to branch account
  • B. branch debtors account
  • C. branch stock account
  • D. branch stock adjustment account
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now