Waec Accounts - Principles of Accounts Past Questions and Answers

Question 646:

• WAEC 2003

Which of the following is the responsibility of a local government?

A. Constructing market stalls
B. Raising income tax revenue
C. Developing highways and tolling them
D. Developing major ports for tax purposes

Question 647:

• WAEC 2003

The procedure for utilizing the savings from one sub-head of expenditure to pay for another under the same head is

A. Apportionment
B. Virement
C. Appropriation
D. Allocation

Question 648:

• WAEC 2003

Patient and trade marks are classified under

A. Intangible assets
B. Current assets
C. Fixed assets
D. Wasting assets

Question 649:

• WAEC 2003

Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
The amount available as dividend to ordinary shareholders is

A. N75,000
B. N65,000
C. N55,000
D. N52,500

Question 650:

• WAEC 2003

Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
Preference dividend for the year is

A. N20,000
B. N10,500
C. N10,000
D. N7,500