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...
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....
by Sunday | Jan 6 | Accounting WAEC
A. purchase order B. credit note C. proforma invoice D. sales order Correct Answer: Option A = purchase order Explanation The purchase order is a document generated by the buyer and serves the purpose of ordering goods from the supplier. The document indicates the...
by Sunday | Jan 6 | Accounting WAEC
A. credited to current account B. credited to appropriation account C. debited to appropriation account D. debited to current account Correct Answer: Option D – debited to current account Explanation Drawing is the amount withdrawn or taken out of the business...
by Sunday | Jan 6 | Accounting WAEC
Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of A. bank charges B. direct debit C. standing order D. credit transfer Correct Answer:...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.