Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1031:

• WAEC 2010

Which of the following reserves is not used for bonus shares?

A. Revolutional reserve
B. Share premium
C. Capital redemption reserve fund?
D. General reserve

Question 1032:

• WAEC 2010

When shares are sold 'at par' it means they are issued at

A. The market value
B. The nominal value
C. A discount
D. A premium

Question 1033:

• WAEC 2010

Which of the following does not form part of shareholders fund?

A. Ordinary shares
B. Shares premium
C. Profit
D. Debenture

Question 1034:

• WAEC 2010

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le, 2,400 were owed and Le 8,000 were paid. Using the information, the wages recorded in the balance sheet as at 30/6/08 is

A. Le 2,400
B. Le 8,400
C. Le 8,000
D. Le 7,600

Question 1035:

• WAEC 2010

The collection and organization of data is

A. Accounting process
B. Central processing
C. Data processing
D. Data manipulation