1997 - WAEC Accounting Past Questions and Answers - page 2
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An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
Accumulated depreciation at the time of sale was
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An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The profit on sale was
In Manufacturing Account, prime cost plus factory overhead is known as
Which of the following is an advantage of the impurest system?
Where a business is purchased, the full amount of the purchase consideration is credited to
A financial plan of action expressed in monetary terms is known as
Which of the following is not a source document for recording sales?
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A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The mark-up is
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A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The double entry required for the mark-up is debit Branch
A ledger is a