WAEC Accounting Past Questions & Answers - Page 169

842.

Discount allowed is a charge made against

A.

Trading account

B.

Profit and loss account

C.

Approbation account

D.

Current account

E.

Nominal account

Correct answer is B

No explanation has been provided for this answer.

843.

Which of the following is not a debit entry in the Bought Ledger?

A.

Cash

B.

Discount received

C.

Purchases

D.

Returns outcards

E.

Bills payable

Correct answer is C

No explanation has been provided for this answer.

844.

A document which acknowledges that a company owes a named person a stated sum of money with the promise that a stated interest rate will be paid periodically is called

A.

Share certificate

B.

Preference certificate

C.

Debenture certificate

D.

Allotment certificate

E.

Call certificate

Correct answer is C

No explanation has been provided for this answer.

845.

Which of the following is used where virement is not possible and where an application for additional provision reveals a degree of urgency?

A.

Reserved expenditure warrant

B.

Provisional general warrant

C.

Contigency warrant

D.

Supplementary general warrant

E.

Virement warrant

Correct answer is C

No explanation has been provided for this answer.