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Accounts - Principles of Accounts Past Questions

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2501
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
  • A. II and IV only
  • B. I,II and IV only
  • C. I,II and III only
  • D. II,III and IV only
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2502
The use of a three column cash book is determined by
  • A. cash discount
  • B. trade discount
  • C. cash transaction
  • D. Bank transaction
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2503
The discount column on the left-hand side of cashbook represents a discount
  • A. received from a creditor
  • B. allowed to a debtor
  • C. received from a debtor
  • D. allowed to a creditor
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2504
Which of the following is used to service all operations of government?
  • A. Consolidated Revenue Fund
  • B. Consolidated Reserve Fund
  • C. Special Operational Fund
  • D. General-Reserve Fund
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2505
The tier of government that uses financial memorandum
  • A. Federal government
  • B. state government
  • C. local government
  • D. municipal government
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709