by Sunday | Mar 19 | Accounting WAEC
A. That have been recorded in the cash book but not by the bank B. That have been received by the bank, but not recorded in the cash book C. Returned by the bank D. Written but not handed over to customers Correct Answer: Option A A. That have been recorded in the...
by Sunday | Mar 19 | Accounting WAEC
A. Cheque B. Payment voucher C. Debit note D. Credit note Correct Answer: Option D D. Credit note Explanation Overcasting is when the estimated value turns out to be above the realized value. A credit note is a letter sent by the supplier to the customer notifying the...
by Sunday | Mar 19 | Accounting WAEC
A. Capital + assets = liabilities B. Assets – liabilities = Capital C. Liabilities + Current Assets = Fixed assets D. Liabilities – Capital = Current assets Correct Answer: Option B B. Assets – liabilities = Capital Explanation The net working...
by Sunday | Mar 19 | Accounting WAEC
A. Debit sales account and credit debtors account B. Debit suspense account and credit sales account C. Debit debtors account and credit suspense account D. Debit sales account and credit suspense account Correct Answer: Option D D. Debit sales account and credit...
by Sunday | Mar 19 | Accounting WAEC
A. Capital B. Cash C. Drawings D. Premises Correct Answer: Option A A. Capital Explanation Normal balance is the side where the balance of the account is normally found. Asset accounts normally have debit balances, while liabilities and capital normally have credit...