Waec Accounts - Principles of Accounts Past Questions and Answers

Question 196:

• WAEC 1993

Payment for future services are

A. Prepayment
B. Deposit
C. Accruals
D. Invesment
E. Advances

Question 197:

• WAEC 1993

An excess of the value of the assets over the purchases consideration for acquisition of business is credited to

A. General reserve
B. Capital reserve
C. Goodwill
D. Current asset
E. Share capital

Question 198:

• WAEC 1993

shares are sold at less than nominal value. They are issued at a

A. Profit
B. Loss
C. Discount
D. Premium
E. Par

Question 199:

• WAEC 1993

A share is under-subscribed when

A. It is offered for sale at less than the nominal value
B. It is offered for sale at nominal value
C. The number of shares applied for is less than the offer
D. It is offered for sale at more thn norminal value
E. The number of shares applied for is more than the offer

Question 200:

• WAEC 1993

Mark-up on goods sent to branch offices are recorded in the books by creating

A. Stock adjustment account debiting branch stock account
B. Goods sent to branch account and debiting branch stock account
C. Branchh stock account and debiting stock adjustment account
D. Cash account and crediting branch stock account
E. Branch stock account and crediting defalcations account