Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1356:

• WAEC 1996

Which of the following is a charge against profit?

A. Ordinary dividend
B. General reserve
C. Preference dividend
D. Debenture interest
E. Revenue reserve

Question 1357:

• WAEC 1996

The cash realized from the sale of asset on dissolution of partnership is

A. Debited to cash account and credit to asset account
B. Credited to cash account and debited to asset account
C. Debited to cash account and credited realisation account and credited to realisation account
D. Credited to cash account and debited to realisation account
E. Debited to realisation account abnd credited to asset account

Question 1358:

• WAEC 1996

Which of the following does not belong to the group?

A. Furniture and fittings
B. Plant and machinery
C. Building
D. Debtors
E. General reserve

Question 1359:

• WAEC 1996

The portion of the authorizes capital which has been allotted to members is

A. Uncalld capital
B. Paid-up capital
C. Issued capital
D. Authorized capital
E. Unissued capital

Question 1360:

• WAEC 1996

Which of the following is used before the appropriation bill is approved?

A. Supplementary general warrant
B. Provisional general warrant
C. Reserved expenditure warrant
D. Virement warrant
E. Supplementary statutory expenditure warrant