Waec Accounts - Principles of Accounts Past Questions and Answers

Question 96:

• WAEC 1990

Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total cash received from customers?

A. N19,092
B. N19,700
C. N20,668
D. N21,002
E. N21,610

Question 97:

• WAEC 1991

When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being

A. Forfrited
B. Issued at a discount
C. Issued on prorata
D. Issued at par
E. Issued at a premium

Question 98:

• WAEC 1991

When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being

A. Forfrited
B. Issued at a discount
C. Issued on prorata
D. Issued at par
E. Issued at a premium

Question 99:

• WAEC 1991

Preliminary expenses of a limited liability company are

A. Fixed assets
B. Current assests
C. Fictitious assets
D. Fictitious liability
E. Current liability

Question 100:

• WAEC 1991

In government imprest system the amount reimbursed is the

A. Actual amount spent
B. Amount of the float
C. Amount spent above the float
D. Balance of the float
E. Sum of unreceipted vouchers