WAEC Accounting Past Questions & Answers - Page 194

968.

Patient and trade marks are classified under

A.

intangible assets

B.

current assets

C.

fixed assets

D.

wasting assets

Correct answer is A

No explanation has been provided for this answer.

969.

The procedure for utilizing the savings from one sub-head of expenditure to pay for another under the same head is

A.

Apportionment

B.

Virement

C.

Appropriation

D.

Allocation

Correct answer is B

No explanation has been provided for this answer.

970.

Which of the following is the responsibility of a local government?

A.

constructing market stalls

B.

raising income tax revenue

C.

developing highways and tolling them

D.

developing major ports for tax purposes

Correct answer is A

No explanation has been provided for this answer.