Waec Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 11:

• WAEC 2008

Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The authorized capital of Tale Ltd is

A. ₦176,000
B. ₦166,000
C. ₦160,000
D. ₦16,000

Question 12:

• WAEC 2008

Which of the following is not a characteristic of a computer?

A. Large storage capacity
B. Ver fast
C. Highly accurate
D. Highly diligent

Question 13:

• WAEC 2008

Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The dividend payable to preference shareholders is

A. ₦9,000
B. ₦6,000
C. ₦3,000
D. ₦2,400

Question 14:

• WAEC 2008

Final accounts of a not-for-profit making organization is made up of

A. Subscription accounts and income and expenditure accounts
B. Subscriptions accounts and balance sheet
C. Income and expenditure account and balance sheet
D. Receipts snd payments account and income and expensiture account

Question 15:

• WAEC 2008

Which of the following is a debit entry in debtors control account?

A. Credit sales
B. Bad debts
C. Returns inwards
D. Discounts allowed