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Accounts - Principles of Accounts Past Questions

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Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
2551

A partnership’s internal regulation are set out by________---

  • A. A constitution
  • B. A law
  • C. A deed
  • D. An article
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2552

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

  • A. Sule1/3, Ahmed1/3, Khadija 1/3
  • B. Sule1/3, Ahmed1/3, Khadija 1/3
  • C. Sule1/5, Ahmed1/5, Khadija3/5
  • D. Sule2/5, Ahmed1/5, Khadija2/5
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2553

Transfers from the head office to branches are best carried out at__________

  • A. Cost price
  • B. Cost plus mark up
  • C. Selling price
  • D. Market price
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
2554

Which of the following is a common cause of a discrepancy between head office and branch trial office________

  • A. Stock and repayment
  • B. Creditors and cash in transit
  • C. Stock and cash in transit
  • D. Debtors and cash in transit
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2555

Departmentalization of accounts is useful because it shows the____________

  • A. Over all performance of a division
  • B. Cost per unit of a profit
  • C. Price per unit of a product
  • D. Over all performance of a firm
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