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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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951

Osa started business with Le 40,000 cash. The accounting entry is debit

  • A. cash account; credit capital account
  • B. capital account; credit cash account
  • C. purchases account; credit cash account
  • D. expenses account; credit capital account
View Answer & Discuss (1) WAEC 2012
952

Branch stock account is used to determine the

  • A. net value of goods sent to branch
  • B. gross profit of the branch
  • C. branch credit sales
  • D. branch net profit or loss
View Answer & Discuss (1) WAEC 2012
953
The name given to a budget in public service accounting is
  • A. vote
  • B. subvention
  • C. general order
  • D. estimate
View Answer & Discuss WAEC 2012
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
954

Which of the following is not prepared by a partnership?

  • A. trading account
  • B. profit and loss account
  • C. income and expenditure account
  • D. profit and loss appropriation account
View Answer & Discuss WAEC 2012
955

A partner who only make capital contribution but does not take part in the management of the partnership business is a/an

  • A. ordinary partner
  • B. limited partner
  • C. dormant partner
  • D. nominal partner
View Answer & Discuss (1) WAEC 2012
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