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11

The asset disposal account at the end fo the third year is 

  • A. #250,000 credit
  • B. #250,000 debit
  • C. #50,000 credit
  • D. #50,000 debit
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12

The amount earned but is yet to be received at the end of the financial period is 

  • A. prepaid revenue
  • B. prepaid expenses
  • C. accrued income
  • D. accrued expenses
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13

The method of stock valuation which overstates profit during inflation is

  • A. FIFO
  • B. LIHO
  • C. simple average
  • D. weighted average
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14

An item recorded in the debit side of the trial balance is 

  • A. Expenses
  • B. Gains
  • C. Capital
  • D. Income
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15

Prepayments are shown in the balance sheet as 

  • A. Current liabiltiy
  • B. Long-term liability
  • C. Fixed Asset
  • D. Current Asset
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts