Waec Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 41:

• WAEC 1999

A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as

A. Certificate
B. Agreement
C. Bank loan
D. Debenture

Question 42:

• WAEC 1999

One mega byte is equal to

A. 8 bytes
B. 1 millin bytes
C. 10 million bytes
D. 1 billion bytes

Question 43:

• WAEC 1999

Purchases of goods from Obi had been entered in Obike's Account. This is an error of

A. Omssion
B. Compensation
C. Commission
D. Original entry

Question 44:

• WAEC 1999

The authority of the Accountant General to disburse from government fund is called

A. Estimate
B. Warrant
C. Provision
D. Vote

Question 45:

• 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 company's paid-up capital is

A. N310,000
B. N290,000
C. N210,000
D. N190,000