2013 - WAEC Accounting Past Questions and Answers - page 4
\(\begin{array}{c|c} & Le \ \hline \ \text{Fines} & 20,000\ \text{Market rates} & 120,000\ \text{Salaries} & 60,000\ \text{Maintenance of vehicles} & 49,000 \ \text{Park collections} & 100,000\end{array}\)
The total expenditure for the period is
Which of the following is not an item on the credit side of the purchases ledger control account?
Creditor's ledger control account is also known as purchases ledger control account or total creditors account. Interest charged by suppliers and refunds received from suppliers for overpayments to them are recorded in the credit side of purchases ledger control account.
When a business is purchased from a sole trader, the excess of the purchase price over the net assets is
Goodwill is recorded when a company acquires (purchases) another company and the purchase price is greater than the fair value of the identifiable tangible and intangible assets therein.
A set of instrument or programs which controls the operation of a computer is
Software is a set of instructions, data or programs used to operate computers and execute specific tasks. Opposite of hardware, which describes the physical aspects of a computer, software is a generic term used to refer to applications, scripts and programs that run on a device.
the process of detecting, tracing and eliminating errors in a computer program is
Debugging is the process of identifying and removing errors from computer hardware or software.
The process of detecting, tracing and eliminating errors in a computer program is
Debugging is the process of identifying and removing errors from computer hardware or software.
When the going concern concept is no longer applicable, the fixed assets are recorded at their
When an asset is sold that has previously been revalued, the revaluation within the carrying value is debited to the Revaluation Reserve. When assets are revalued, every Balance Sheet shall show for a specified period of years, the amount of increase/decrease made in respect of each class of assets.
In a non-for-profit making organization, the cash book is referred to as
"A receipt and payment account is a summarized cash book (cash and bank) for a given period" prepared by Non-profit organizations (also called non-trading concerns) at the end of year.
Which of the following relates to the essence of partnership? To
The purpose of partnership agreement (or partnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities for profitability.