Waec Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 31:

• WAEC 2011

Which of the following is not a purpose for which share premium may be utilized?

A. Issuing fully oaid bonus share
B. Writing off preliminary expenses
C. Settling salesman commission
D. Providing for redeemable preference shares

Question 32:

• WAEC 2011

A debenture is

A. A loan capital raised by a company
B. Money gives to a company as a gift
C. Accuerd expenses
D. Share capital

Question 33:

• WAEC 2011

The concept which deals with the exclusion of trivial items in the accounting records is

A. Constitency
B. Going concern
C. Materiality
D. Money measurement

Question 34:

• WAEC 2011

Which of the following is not an example of capital reserve?

A. Share premium
B. Retained profits
C. Surplus on revaluation of assets
D. Pre-incorporation profits

Question 35:

• WAEC 2011

Goods sent to branch are recorded in the head office's books at i. selling price ii. cost price plus makeup percentage iii. cost price

A. I and ii
B. I and iii
C. Ii and iii
D. I, ii and iii