Waec Accounting Past Questions For Year 2022
Question 26
Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of
- A. bank charges
- B. direct debit
- C. standing order
- D. credit transfer
Question 27
Manufacturing account is prepared to ascertain
- A. profit on goods produced
- B. cost of goods produced
- C. cost of goods sold
- D. profit on goods sold
Question 28
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 29
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 30
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
