Waec Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 36:

• WAEC 2010

A financial plan of action expressed in monetary terms is a/an

A. Warrant
B. Budget
C. Imprest
D. Consilidated fund

Question 37:

• WAEC 2010

Which of the following reserves is not used for bonus shares?

A. Revolutional reserve
B. Share premium
C. Capital redemption reserve fund?
D. General reserve

Question 38:

• WAEC 2010

When shares are sold 'at par' it means they are issued at

A. The market value
B. The nominal value
C. A discount
D. A premium

Question 39:

• WAEC 2010

Which of the following does not form part of shareholders fund?

A. Ordinary shares
B. Shares premium
C. Profit
D. Debenture

Question 40:

• WAEC 2010

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le, 2,400 were owed and Le 8,000 were paid. Using the information, the wages recorded in the balance sheet as at 30/6/08 is

A. Le 2,400
B. Le 8,400
C. Le 8,000
D. Le 7,600