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Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit
Apurchases #12,000 and credit Ibrahim #12,000
Bpurchases #12,000 and credit sugar account #12,000
CJide #12,000 and credit purchases
DIbrahim #12,000 and sugar account #12,000
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Question 702
jamb2012
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit
Asugar account #12,000 and credit Jide #12,000
BJide #12,000 and credit sales account #12,000
CIbrahim #12,000 and credit Jide #12,000
Dsugar account #12,000 and credit Ibrahim #12,000
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Question 703
jamb2012
Akirika bought a motor van for his business by cash. The entries are to debit
Amotor van and credit Akirika
Bsales and credit Akrika
Cmotor van and credit cash
Dcash and credit motor van
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Question 704
jamb2012
The capital of a sole trader can be increased by
Adebiting the capital account
Bcrediting the capital account
Cdebiting the cash account
Dcrediting the cash account
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Question 705
jamb2012
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
Acapital and debit liabilities
Bliabilities and credit assets
Cassets and credit capital
Dcapital and credit assets
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Question 706
jamb2012
An accountant must not only be interested in record keeping but also in
Athe application of professional competency
Bthe accuracy of postings
Cthe casting of financial figures
Deffective preparation of balance sheet
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Question 707
jamb2012
The basis upon which assets of an organization is valued is the
Ahistorical concept
Bbusiness entity concept
Cperiodicity concept
Dmateriality concept
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Question 708
waec2011
Which of the following date lines is correct for a profit and loss account?
Afor the year ended 31st December 2009
Bas 31st December 2009
Cfor the period 31st December 2009
Das at the year 2009
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Question 709
waec2011
Provision for depreciation on delivery van is charged to
Atrading account
Bprofit and loss account
Cappropriation account
Dmanufacturing account
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Question 710
waec2011
The concept which states that assets are not to be recorded at their current market value is
Amoney measuremen
Bmateriality
Ccost
Dentity
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Question 711
waec2011
Which of the following is not used in Public accounting?
Acash book
Btrial balance
Cprofit and loss account
Dbank reconciliation statement
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Question 712
waec2011
The business entity concept
Aseperates the owner's transactions from the business transactions
Brecords transactions outside the business
Cdoes not seperate the owner's trasactions from the business transactions
Dinvolves other business transactions
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Question 713
waec2011
The bank statement shows a debit balance of Le 475. After the entry of an uncredited of Le Le 800, the new balance is
ALe 325 overdraft
BLe 325
CLe 1,275
DLe 1,275 overdraft
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Question 714
waec2011
The process of recording financial transactions of government is
Amanagement accounting
Bfinancial accounting
Ccost accounting
Dpublic sector accounting
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Question 715
waec2011
Use the following information to answer the given question.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
the total cash received from customer is
AD68,942
BD60,000
CD43,220
DD41,336
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Question 716
waec2011
Use the following information to answer the given question.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
Net sales is
AD41,878
BD41,336
CD41,284
Dd39,400
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Question 717
waec2011
The diagrammatic representation of the workings of the computer program is
Aflow chart
Bdesktop
Ckeyboard
Dbyte
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Question 718
waec2011
When shares are issued to the public and the issuing company has not requested for payments, it is referred to as
Aauthorized capital
Bpaid-up capital
Cuncalled capital
Dunissued capatal
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Question 719
waec2011
Rent owed by a department is treated in the Balance sheet as
