by Sunday | Jan 10 | Accounting WAEC
A. Both accounts follows the principle of double entry B. They are summaries of financial statements C. Both include capital items D. Both are prepared by non-profit making concern Correct Answer: Option C C. Both include capital items Explanation The receipts and...
by Sunday | Jan 10 | Accounting WAEC
A. capital B. capital employed C. capital owned D. accumulated funds Correct Answer: Option D D. accumulated funds Explanation The excess of the assets over the liabilities of a non-profit making concern is called Accumulated Fund. It is the capital of a non-profit...
by Sunday | Jan 10 | Accounting WAEC
A. 20% B. 5% C. 10% D. 15% Correct Answer: Option B B. 5% Explanation If no specific agreement is made, 5% interest 2 years on loans made by partners in excess of the ‘agreed capitals’.
by Sunday | Jan 10 | Accounting WAEC
A. No salary for partners acting in the business B. There is interest on capital C. No interest to be charged on drawings D. Profit and loss are to be shared equally Correct Answer: Option B B. There is interest on capital Explanation According to section 24 of the...
by Sunday | Jan 10 | Accounting WAEC
A. par B. premium C. right issue D. bonus issue Correct Answer: Option C C. right issue Explanation Right issue are offered to existing shareholders in a company.