Waec Accounts - Principles of Accounts 1991 Past Questions and Answers

Question 11:

• WAEC 1991

Discount allowed is a charge to

A. Trading account
B. Balance sheet
C. Profit and loss account
D. Profit and lss appropriation account
E. Current account

Question 12:

• WAEC 1991

Which of the following is in the personal Ledger?

A. Discount allowed account
B. Interest received account
C. Cash sales account
D. Debtors account
E. Assets account

Question 13:

• WAEC 1991

Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to

A. N2,300
B. N2,200
C. N2,000
D. N1,800
E. N1,700

Question 14:

• WAEC 1991

The authorized share capital of a limited liability company is the number of shares

A. Offered for sale
B. Called up
C. Approved in the memorandum of association
D. Subscribed
E. Paid up

Question 15:

• WAEC 1991

The document evidencing a disbursement of government fund is known as

A. Bill
B. Invoice
C. Till book
D. Payment voucher
E. Local purchase order