Waec Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 36:

• WAEC 2012

The double entry to record the proceeds on disposal of assets in debit

A. Bank account; credit asset disposal account
B. Asset disposal account; credit bank account
C. Provision for depreciation account; credit asset disposal account
D. Asset disposal account; credit provision for depreciation account

Question 37:

• WAEC 2012

Which of the following is a form of memorandum of association

A. Names of directors
B. Appointment of directors
C. Object of the business
D. Payment of dividend

Question 38:

• WAEC 2012

An underwriter for a company's share is paid

A. Interest
B. Commision
C. Dividend
D. Salary

Question 39:

• WAEC 2012

Administrative, selling and distribution expenses in a manufacturing firm are recorded in

A. Trasing acccount
B. Manufacturing account
C. Profit and loss account
D. Balance sheet

Question 40:

• WAEC 2012

Which of the following is not a revenue to a local government?

A. Fines
B. Licenses
C. Personal ncome tax
D. Tenement rates