WAEC Accounting Past Questions & Answers - Page 142

A control account is

A private limited company is that which 
i. restricts the right to transfer its share. 
ii. has a minimum of seven members. 
iii. limits membership to fifty. 
iv. offers its shares for sale to the public

In a professional partnership, membership must be between

Impersonal real accounts include:
i. expenditure on telephone 
ii. motor vehicles 
iii. expenses on telegram 
iv. land and buildings

Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the