Waec Accounts - Principles of Accounts 1996 Past Questions and Answers

Question 31:

• WAEC 1996

The cash realized from the sale of asset on dissolution of partnership is

A. Debited to cash account and credit to asset account
B. Credited to cash account and debited to asset account
C. Debited to cash account and credited realisation account and credited to realisation account
D. Credited to cash account and debited to realisation account
E. Debited to realisation account abnd credited to asset account

Question 32:

• WAEC 1996

Which of the following does not belong to the group?

A. Furniture and fittings
B. Plant and machinery
C. Building
D. Debtors
E. General reserve

Question 33:

• WAEC 1996

The portion of the authorizes capital which has been allotted to members is

A. Uncalld capital
B. Paid-up capital
C. Issued capital
D. Authorized capital
E. Unissued capital

Question 34:

• WAEC 1996

Which of the following is used before the appropriation bill is approved?

A. Supplementary general warrant
B. Provisional general warrant
C. Reserved expenditure warrant
D. Virement warrant
E. Supplementary statutory expenditure warrant

Question 35:

• WAEC 1996

Which of the following is used where virement is not possible and where an application for additional provision reveals a degree of urgency?

A. Reserved expenditure warrant
B. Provisional general warrant
C. Contigncie warrant
D. Supplementary general warrant
E. Virement warrant