WAEC Past Questions and Answers - Page 1024

5,116.

To realize an asset means to

A.

Close its account in the ledger

B.

Give it out as a collateral

C.

Turn it to cash

D.

Open its account in the ledger

E.

Mortage it

Correct answer is C

No explanation has been provided for this answer.

5,117.

Uche returned goods worth N1,500 to Udo. Uche should receive

A.

An invoice

B.

A statement of account

C.

A debit note

D.

A credit note

E.

Goods received note

Correct answer is D

No explanation has been provided for this answer.

5,119.

Accounts payable is

A.

An accrual

B.

A provision

C.

A current liability

D.

A long-term liability

E.

A current asset

Correct answer is C

No explanation has been provided for this answer.

5,120.

Which of the following has a debit balance?
i. calls-in-arrears 
ii. cash-in-advance 
iii. share discount

A.

i

B.

ii

C.

iii

D.

ii and iii

Correct answer is D

No explanation has been provided for this answer.