Waec Accounts - Principles of Accounts 1995 Past Questions and Answers

Question 16:

• WAEC 1995

The financial plan of the government for a year is contained in the

A. Vote book
B. Cash analysis book
C. Budget
D. General order
E. Gazette

Question 17:

• WAEC 1995

When a business is purchased, the double entries required in the purchaser's book are debit,

A. Venfdor's account and credit purchase of business account
B. Asset account and credit purchases of business account
C. Cash account and credit vendor's account
D. Purchase of business account
E. Vendor's account and credit cash account

Question 18:

• WAEC 1995

Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque

A. I and v
B. I and ii
C. Ii, ii and iii
D. I and iv
E. I, iv and v

Question 19:

• WAEC 1995

A fund established for the payment of minor expenses is

A. Cash discount
B. Cash flow
C. Petty cash
D. Accumulated fund
E. Reserve

Question 20:

• WAEC 1995

The maximum amount which a company can raise by way of selling share is

A. Issued capital
B. Working capital
C. Paid-up capital
D. Shareholders capital
E. Authorized capital