Waec Accounts - Principles of Accounts 1996 Past Questions and Answers

Question 21:

• WAEC 1996

The person who has applied for shares in a company is called

A. Allotee
B. Subscriber
C. Promoter
D. Shareholder
E. Applicant

Question 22:

• WAEC 1996

The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. What is the provision for doubtful debts?

A. N910
B. N650
C. N637
D. N377
E. N260

Question 23:

• WAEC 1996

The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. Bad debts is

A. N910
B. N650
C. N637
D. N377
E. N260

Question 24:

• WAEC 1996

Which of the following are examples of Nominal account?

A. Land and insurance
B. Cash and interest
C. Building and cash
D. Machinery and wages
E. Rent and discount

Question 25:

• WAEC 1996

A payment of N150 to a credit

A. An increase in assets only
B. A reduction of assets only
C. A reduction in assets and liabilities
D. An increase in assets and liabilities
E. A reduction in the bank account