Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 36:

• WAEC 2016

Use the following information and answer the question below.Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.
The unsubscribed share capital is

A. N300,000
B. N250,000
C. N200,000
D. N150,000

Question 37:

• WAEC 2016

Use the following information and answer the question below.Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.
The authorized share capital is

A. N300,000
B. N250,000
C. N200,000
D. N150,000

Question 38:

• WAEC 2016

The entries for credit sales at branch where the head office keeps all records are:Debit

A. Branch stock account; credit branch debtors account
B. Branch debtors account; credit branch stock account
C. Branch debtors account; credit branch adjustment account
D. Branch adjustment account; credit branch debtors account

Question 39:

• WAEC 2016

The branch current account records

A. Head office transactions with the branch
B. Branch transactions with the head office
C. Goods sent to branch at selling price
D. Cash received from branch as sales

Question 40:

• WAEC 2016

The cost of goods returned by branch to head office is debited

A. Branch stock adjustment account
B. Goods sent to branch account
C. Branch stock account
D. Branch profit and loss account