Waec Accounts - Principles of Accounts Past Questions and Answers

Question 651:

• WAEC 2003

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

A. N1.00
B. N0.50
C. N0.45
D. N0.40

Question 652:

• WAEC 2003

Which of the following is the basis for apportioning rent among departments?

A. Sales
B. Floor area
C. Number of employees
D. Direct labour cost

Question 653:

• WAEC 2003

Which of the following brings a company into legal existence?

A. Certificate of incorporation
B. Memorandum of association
C. Articles of association
D. Company law

Question 654:

• WAEC 2003

Which of the following documents set out the internal regulations of a partnership?

A. Law
B. Deed
C. Regulation
D. Code

Question 655:

• WAEC 2003

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
The divisible profit for the year

A. ₦31,600
B. ₦31,400
C. ₦904,000
D. ₦28,600