2012 - WAEC Accounting Past Questions and Answers - page 3
Which of the following is not an input device?
In computing, an input device is a piece of equipment used to provide data and control signals to an information processing system such as a computer or information appliance. Examples of input devices include keyboards, mouse, scanners, digital cameras, joysticks, and microphones.
The equivalent of income and expenditure account in a trading concern is
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Its equivalent is the profit and loss account .
An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.
The term used to denote the capital of a not-for-profit making organization is
An accumulated fund is the capital fund of a nonprofit organization. Money is directed into the accumulated fund when revenues are greater than expenditures and there is a budgetary surplus.
The portion of authorized capital that has been allotted to subscribers
The Issued Capital refers to the number of shares issued by the company to the shareholders. In other words, the shares allotted or subsequently held by the shareholders is called the issued capital.
Partners whose liabilities are restricted to their financial contribution to the partnership in the event of winding up are
Limited partner is a partner in a company or venture whose liability towards its debts is legally limited to the extent of their investment.
If creditors at 1\1\10 were Le 3,000; creditors at 31/12/10 Le 5,500 and payments to creditors Le 29,000. The purchases figure for 2010 is
Which of the following is not found in the personal ledger?
personal ledger is a book or a computer document in which details of money owed to or by particular people are recorded: The personal ledger will contain a separate account for each supplier and customer
The sales ledger control account is also referred to as
The debtors control account is also known as the sales ledger control account. This name is sometimes used for this account because it reflects the total of the business debtors or goods sold on credit
An increases in the provision for doubtful debts results is a\an
The higher the provision for doubtful debt, the lower the net profit at the end of the period
Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a
Issue of shares at premium means that the issuing of shares above the face value (also called as nominal value or par value). The difference between the face value of shares and the price of shares issued at premium is the premium amount.