Waec Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 21:

• WAEC 2002

When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately

A. On pro-rate
B. At discount
C. At par
D. At premium

Question 22:

• WAEC 2002

The amount for which a business is sold is

A. Purchase consideation
B. Premium
C. Capital reserve
D. Goodwill

Question 23:

• WAEC 2002

Into how many types can general purpose computers be classified?

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

Question 24:

• WAEC 2002

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current liabilities is

A. N32,750
B. N20,150
C. N19,750
D. N11,000

Question 25:

• WAEC 2002

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is

A. N28,500
B. N20,150
C. N19,750
D. N17,000