Waec Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 1:

• WAEC 2001

The income accruing to debenture holders is called

A. Dividend
B. Net profit
C. Shares
D. Interest

Question 2:

• WAEC 2001

The income accruing to debenture holders is called

A. Dividend
B. Net profit
C. Shares
D. Interest

Question 3:

• WAEC 2001

The amount by which assets exceed specific liabilities is called

A. Reserve
B. Provision
C. Premium
D. Bonus

Question 4:

• WAEC 2001

Which of the following has a debit balance at the end of the year?

A. Rates prepaid account
B. Bank loan account
C. Income received in advance account
D. Ordinary share capital account

Question 5:

• WAEC 2001

Which of the following is not an example of a fictitious asset?

A. Raw materials stock
B. Debit balance of profit and loss account
C. Preliminary expenses f a limited company
D. Expenditure on incorporation carried forward