Waec Accounts - Principles of Accounts Past Questions and Answers

Question 371:

• WAEC 1997

The person who is responsible for the formation of a company is called the

A. Promoter
B. Dividend
C. Shareholder
D. Director
E. Subscriber

Question 372:

• WAEC 1997

The amount of a company's profit given to a shareholder is known as

A. Premium
B. Dividend
C. Insterst
D. Allotment
E. Warrant

Question 373:

• WAEC 1997

Which of the following best described the path of a transaction?

A. Source documents to Journal to Ledger
B. Source documents to Ledger to Journal
C. Journal to Ledger to source documents
D. Journal to source documents to Ledger
E. Ledger to Joural to source documents

Question 374:

• WAEC 1997

Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing

A. Total Debtors and Creditors Accounts
B. Bank Reconciliation Statement
C. Statement of Affairs
D. Trading, Profit and Loss Accounts
E. Balance Sheet

Question 375:

• WAEC 1997

Rent receivable is a

A. Current asset
B. Current liability
C. Contingent liability
D. Ficititous asset
E. Provision