Waec Accounts - Principles of Accounts 1993 Past Questions and Answers

Question 6:

• WAEC 1993

Which of the following is a credit item on an income and expenditure account?

A. Bar expenses
B. Electricity
C. Salaries
D. Subscription
E. Rates

Question 7:

• WAEC 1993

Payment for future services are

A. Prepayment
B. Deposit
C. Accruals
D. Invesment
E. Advances

Question 8:

• WAEC 1993

An excess of the value of the assets over the purchases consideration for acquisition of business is credited to

A. General reserve
B. Capital reserve
C. Goodwill
D. Current asset
E. Share capital

Question 9:

• WAEC 1993

shares are sold at less than nominal value. They are issued at a

A. Profit
B. Loss
C. Discount
D. Premium
E. Par

Question 10:

• WAEC 1993

A share is under-subscribed when

A. It is offered for sale at less than the nominal value
B. It is offered for sale at nominal value
C. The number of shares applied for is less than the offer
D. It is offered for sale at more thn norminal value
E. The number of shares applied for is more than the offer