Waec Accounts - Principles of Accounts 1991 Past Questions and Answers

Question 1:

• WAEC 1991

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
E. Issued at a premium

Question 2:

• WAEC 1991

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
E. Issued at a premium

Question 3:

• WAEC 1991

Preliminary expenses of a limited liability company are

A. Fixed assets
B. Current assests
C. Fictitious assets
D. Fictitious liability
E. Current liability

Question 4:

• WAEC 1991

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
E. Sum of unreceipted vouchers

Question 5:

• WAEC 1991

Reccurrent expenditure of government is paid from

A. Reserved fund
B. Consolidated revenue fund
C. Development fund
D. Contigencies fund
E. Personal fund