Waec Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 46:

• WAEC 1999

Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The unissued capital of the company is

A. N310,000
B. N300,000
C. N210,000
D. N100,000

Question 47:

• WAEC 1999

The total share capital which a company would be allowed to issue is known as

A. Issued share capital
B. Authorised share capital
C. Working capital
D. Fixed capital

Question 48:

• WAEC 1999

Creditors at start was N4,650 and at close N2,480, cash paid to suppliers during the year amounted to N12,000. Credit purchases for the year is valued at

A. N14,480
B. N12,000
C. N9,830
D. N7,130

Question 49:

• WAEC 1999

A sale of goods to audu was not posted. This is an error of

A. Omission
B. Compensation
C. Commission
D. Principle

Question 50:

• WAEC 1999

Into how many major types can general purpose computers be classified?

A. Six
B. Five
C. Four
D. Three