1991 - WAEC Accounting Past Questions and Answers - page 1
1
When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being
A
forfrited
B
issued at a discount
C
issued on prorata
D
issued at par
correct option: c
Users' Answers & Comments2
Preliminary expenses of a limited liability company are
A
fixed assets
B
current assests
C
fictitious assets
D
fictitious liability
correct option: c
Users' Answers & Comments3
In government imprest system the amount reimbursed is the
A
actual amount spent
B
amount of the float
C
amount spent above the float
D
balance of the float
correct option: b
Users' Answers & Comments4
Reccurrent expenditure of government is paid from
A
reserved fund
B
consolidated revenue fund
C
development fund
D
contigencies fund
correct option: b
Users' Answers & Comments5
Which of the following is related to debtors account?
A
purchases ledger
B
general ledger
C
norminal lesger
D
sales ledger
correct option: d
Users' Answers & Comments6
The price paid for the purchase of for the purchase of a business is
A
debited to the cash account and credited to the vendor's account
B
credited to the cash account and debited to the vendor's account
C
credited to the business purchases account and debited to the assets account
D
debited to the business purchase account and credited to the assets account
correct option: b
Users' Answers & Comments7
Depreciation is
A
a charge for the wear and tear of a fixed asset
B
the cost of replacing a fixed asset
C
the loss incurred on the sale of a fixed asset
D
the cost of repairs incurred on a fixed asset
correct option: d
Users' Answers & Comments8
Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date
A
i
B
ii
C
iii
D
i and ii
correct option: a
Users' Answers & Comments9
N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are
A
debit Latifat's account, credit cash book with N100
B
credit Latifat's account, debit cash book with N100
C
credit Latifa's account, debit cash book with N200
D
debit Latifat's account, credit cash book with N200
correct option: c
Users' Answers & Comments10
Discount allowed is a charge to
A
trading account
B
balance sheet
C
profit and loss account
D
profit and lss appropriation account
correct option: c
Users' Answers & Comments