by Sunday | Jan 7 | Accounting WAEC
A. Bank Account; credit Cash Account B. Cash Account; credit Bank Account C. Cash Account; credit Drawings Account D. Drawings Account; credit Bank Account Correct Answer: Option D – Drawings Account; credit Bank Account Explanation Cash drawn from the bank by a...
by Sunday | Jan 7 | Accounting WAEC
A. ordinary dividend B. preference dividend C. capital reserve D. general reserve Correct Answer: Option B – preference dividend Explanation Preference dividend is a dividend that is allocated to and paid on a company’s shares. If a company is unable to...
by Sunday | Jan 7 | Accounting WAEC
Use the following information to answer the question below Le Raw materials: Stock (01/01/2017) 822000 Stock (31/12/2017) 560000 Purchases 125000 Returns of raw materials 15000 A. Le 402,000 B. Le 947,000 C. Le 932,000 D. Le 372,000 Correct Answer: Option D...
by Sunday | Jan 6 | Accounting WAEC
Use the following information to answer questions below Le Raw materials: Stock (01/01/2017) 822000 Stock (31/12/2017) 560000 Purchases 125000 Returns of raw materials 15000 A. Le 372,000 B. Le 932,000 C. Le 947,000 D. Le 402,000 Correct Answer: Option B...
by Sunday | Jan 6 | Accounting WAEC
A. balance sheet B. ledger C. trial balance D. journal Correct Answer: Option B – ledger Explanation The ledger contains permanent records of all the transactions of the business in a classified and summarized form. The entries in the cash book and other...
by Sunday | Jan 6 | Accounting WAEC
A. long-term liabilities B. current assets C. current liabilities D. fixed assets Correct Answer: Option B = current assets Explanation Subscription in arrears is the sum of money due from members for a particular year but which has not been paid for that year. It is...
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