by Sunday | Jan 6 | Accounting WAEC
A. balance sheet B. general ledger C. general journal D. trial balance Correct Answer: Option C – general journal Explanation Journal is a prime entry into which transactions are entered on a daily basis. The journal is used to correct errors, recording entry...
by Sunday | Jan 6 | Accounting WAEC
A. contingency warrant B. supplementary general warrant C. reserved expenditure warrant D. virement warrant Correct Answer: Option A – contingency warrant Explanation Contingency warrant gives authority to the accountant general to release fund for urgent and...
by Sunday | Jan 6 | Accounting WAEC
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%. A. #15,000 B. #25,000 C. #10,000 D....
by Sunday | Jan 6 | Accounting WAEC
A. paid-up capital B. authorized capital C. reserve capital D. loan capital Correct Answer: Option B – authorized capital Explanation Authorized capital is also known as Nominal or Registered capital. It is the capital set out in the capital clause of the...
by Sunday | Jan 6 | Accounting WAEC
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%. A. #50,000 B. #70,000 C. #90,000 D....
by Sunday | Jan 6 | Accounting WAEC
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%. A. #60,000 B. #90,000 C. #75,000 D....
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