Waec Accounting Past Questions
Question 1621
The authority to incur expenditure to address natural disaster is contained in
- A. contingency warrant
- B. supplementary general warrant
- C. reserved expenditure warrant
- D. virement warrant
Question 1622
In the balance sheet of not-for-profit making organizations, subscription in arrears is shown under
- A. long-term liabilites
- B. current assets
- C. current liabilities
- D. fixed assets
Question 1623
The maximum amount a company can raise through the issue of shares is
- A. paid-up capital
- B. authorized capital
- C. reserve capital
- D. loan capital
Question 1624
Use the following information to answer questions below
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Teteh's share of interest on capital is
- A. #15,000
- B. #25,000
- C. #10,000
- D. #75,000
Question 1625
Use the following information to answer questions below
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Kukuma's current account balance is
- A. #50,000
- B. #70,000
- C. #90,000
- D. #60,000
