Waec Accounts - Principles of Accounts 1996 Past Questions and Answers

Question 36:

• WAEC 1996

A document which acknowledges that a company owes a named person a stated sum of money with the promise that a stated interest rate will be paid periodically is called

A. Share certificate
B. Preference certificate
C. Debenture certificcate
D. Allotment certificate
E. Call certificate

Question 37:

• WAEC 1996

Which of the following is not a debit entry in the Bought Ledger?

A. Cash
B. Discount received
C. Purchases
D. Returns outeards
E. Bills payable

Question 38:

• WAEC 1996

Discount allowed is a charge made against

A. Trading account
B. Profit and loss acount
C. Approration account
D. Current account
E. Nominal account

Question 39:

• WAEC 1996

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total assets?

A. N17,300
B. N17,000
C. N15,000
D. N14,700
E. N12,000

Question 40:

• WAEC 1996

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total net assets?

A. N17,300
B. N17,000
C. N15,000
D. N14,700
E. N12,000