Waec Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 31:

• WAEC 2012

Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a

A. Commision
B. Discount
C. Premium
D. Bonus

Question 32:

• WAEC 2012

Which of the following errors affects the agreement of a Trial balance?

A. Wrong addition in the sales account
B. Crediting a purchase to the sales account
C. Failure to enter sales in the books
D. Posting the purchase of a van to the debit side of the purhases account

Question 33:

• WAEC 2012

The excess of value of assets over the purchase consideration on acquisition of a business is credited to

A. Share capital account
B. Goodwill account
C. Capital reserved account
D. General reverse account

Question 34:

• WAEC 2012

Which of the following is not the purpose of a control account?

A. Check on errors of addition
B. Locate errors
C. Locate missing figures
D. Monitor the cash book

Question 35:

• WAEC 2012

Which of the following is not part of the central processing unit of a computer?

A. Arithmetical and lgical unit
B. Memory unit
C. Input unit
D. Control unit