Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 46:

• WAEC 2007

The maximum amount which a company is allowed to raise through the sale of shares is

A. Authorized capital
B. Paid-up capital
C. Issued capital
D. Working capital

Question 47:

• WAEC 2007

The double entry in the books to write off goodwill is

A. Debit Goodwill account, credit capital account
B. Debit Goodwill account, credit revaluation account
C. Debit profit and loss appropriation account, credit Goodwill account
D. Debit Trading account, credit Goodwill account

Question 48:

• WAEC 2007

Holder of ordinary shares do not have the right to

A. Participate in additional issue of shares
B. Vote at annual general meetings
C. Elect the board of directors
D. Receive dividends at a predetermined rate

Question 49:

• WAEC 2007

Which of the following is not a real account?

A. Building account
B. Motor vehicle account
C. Patents account
D. Furniture account

Question 50:

• WAEC 2007

An example of capital gain s

A. Premium
B. Bonus
C. Shares
D. Debenture