by Sunday | Jan 10 | Accounting WAEC
A. premium B. par C. discount D. loss Correct Answer: Option C C. discount Explanation Share issued at discount is a situation whereby shares are quoted below the nominal value.
by Sunday | Jan 10 | Accounting WAEC
A. current account B. profit and loss C. trading account D. balance sheet Correct Answer: Option B B. profit and loss Explanation Discount received is treated as income to the business hence it is credited to the profit and...
by Sunday | Jan 10 | Accounting WAEC
Given: ₦ Additional capital 4000 Capital 8000 Closing capital 12000 Net profit 1500 A. 1500 B. 3000 C. 12,000 D. 10,500 Correct Answer: Option A Explanation Using the formula: OC + AC + NP – D = CC where: OC = Opening Capital; AC = Additional Capital; NP = Net...
by Sunday | Jan 10 | Accounting WAEC
A. Gross profit B. Capital C. Expenses D. Net profit Correct Answer: Option D D. Net profit Explanation The profit and loss accounts are also known as Income statement is prepared to ascertain the net profit. The net profit is ascertained when the expenses are...
by Sunday | Jan 10 | Accounting WAEC
A. Debit rent account, Credit bank account B. Debit Rent account, Credit Samson’s account C. Debit Bank account, Credit Rent account D. Debit Samson’s account, Credit Rent account Correct Answer: Option B B. Debit Rent account, Credit Samson’s...
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