WAEC Accounting Past Questions & Answers - Page 289

1,441.

Which of the following is the basis accounting equation?

A.

Assets = capital + liabilities

B.

Capital = assets + liabilities

C.

Liabilities = assets + capital

D.

Assets = liabilities + equity

Correct answer is A

No explanation has been provided for this answer.

1,442.

A stock as a form of capital of a company comprises

A.

Tons of merchandise

B.

Units of goods

C.

Units of shares

D.

Bundles of wares

Correct answer is C

No explanation has been provided for this answer.

1,443.

A debenture holder is a

A.

Creditor

B.

Promoter

C.

Debtor

D.

Shareholder

Correct answer is A

No explanation has been provided for this answer.

1,445.

Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, In Dania's books, to record the payment of ₦30,505 cr.40,005 by Abu

A.

Debit cash account, credit Abu's account

B.

Debit Abu's account, credit cash account

C.

Debit Abu's account, credit cash account

D.

Debit sales account, credit cash account

Correct answer is B

No explanation has been provided for this answer.