by Sunday | Jan 7 | Accounting WAEC
A. debit balance on drawings account B. debit balance on a customer’s account C. credit balance on the capital account D. credit balance on a supplier’s account Correct Answer: Option B – debit balance on a customer’s account Explanation The...
by Sunday | Jan 7 | Accounting WAEC
A. long-term liabilities B. current liabilities C. accumulated fund D. current assets Correct Answer: Option B – accumulated fund Explanation Subscription in advance is the sum of money prepaid by the members of club representing their dues for next year. It is...
by Sunday | Jan 7 | Accounting WAEC
A. code B. business C. seal D. deed Correct Answer: Option D – deed Explanation Partnership deed is a document drawn up by partners, which contains the rules and regulations guiding the business. It is also a document, which will clarify the respective positions...
by Sunday | Jan 7 | Accounting WAEC
Use the following information to answer below GH⊄ Sales 200000 Purchase 170000 Opening stock 40000 Closing stock 50000 A. 3.78 times B. 3.56 times C. 4 times D. 3.2 times Correct Answer: Option B = 3.56 times Explanation Stock turnover = Cost of goods...
by Sunday | Jan 7 | Accounting WAEC
Use the following information to answer below GH⊄ Sales 200000 Purchase 170000 Opening stock 40000 Closing stock 50000 A. 10% B. 20% C. 25% D. 15% Correct Answer: Option B = 20% Explanation Gross profit percentage = Gross profit/Sales x 100 Cost of goods sold =...
by Sunday | Jan 7 | Accounting WAEC
Use the following information to answer the question below Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December...
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