Accounts - Principles of Accounts 1991 WAEC Past Questions

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Which of the following is in the personal Ledger?

A. discount allowed account
B. interest received account
C. cash sales account
D. debtors account
E. assets account

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Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to

A. N2,300
B. N2,200
C. N2,000
D. N1,800
E. N1,700

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The authorized share capital of a limited liability company is the number of shares

A. offered for sale
B. called up
C. approved in the memorandum of association
D. subscribed
E. paid up

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The document evidencing a disbursement of government fund is known as

A. bill
B. invoice
C. till book
D. payment voucher
E. local purchase order

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The authority of the accountant-General to disburse from government fund is called

A. voucher
B. warrant
C. estimate
D. provision
E. vote

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Accounts - Principles of Accounts 1991 WAEC Past Questions

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