Accounts - Principles of Accounts Past Questions

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2086

Which of the following in a classified form contains a permanent record of all transactions? The

A. sales day book
B. cash book
C. ledger
D. journal
E. purchases day book

View Answer & Discuss WAEC 1989

2087

When a buyer returns damages goods to the seller, the buyer receives a

A. proforma invoice
B. credit note
C. debit note
D. consiment note
E. goods return note

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2088

Trade discount is

A. allowance for prompt payment
B. allowance for damaged goods
C. allowance off price list
D. discount on creditors
E. discount on debitors

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2089

Pending the location of error, the difference disclosed in the trial balance is normally posted to

A. an adjustment account
B. a control account
C. a suspense account
D. a profit and loss account
E. a trading account

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2090

Which of the following is not true of capital expenditure? i. assets acquired for the purpose of earning income ii. extension of office building iii. it is incurred and its full benefits consumed in one period of account

A. i
B. ii
C. i and ii
D. ii and iii
E. iii

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Accounts - Principles of Accounts Past Questions

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