2012 - WAEC Accounting Past Questions and Answers - page 3

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 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.

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 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.

Limited partner is a partner in a company or venture whose liability towards its debts is legally limited to the extent of their investment.

29000 - 3000 = 26000

26000 + 5500 = 31500

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 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

The higher the provision for doubtful debt, the lower the net profit at the end of the period

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.