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Accounts - Principles of Accounts 1992 WAEC Past Questions

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16
Impersonal real accounts include. i. expenditure on telephone ii. motor vehicles iii. expenses on telegram iv. land and buildings
  • A. i and iii
  • B. iii and iv
  • C. ii and iv
  • D. i, ii and iii
  • E. i, ii, iii and iv
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17
In a professional partnership, membership must be between
  • A. 2 and 8
  • B. 2 and 10
  • C. 2 and 50
  • D. 2 and any number
  • E. 2 and 20
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18
A private limited company is that which i. restricts the right to transfer its share. ii. has a minimum of seven members. iii. limits membership to fifty. iv. offers its shares for sale to the public
  • A. i and ii
  • B. ii and iv
  • C. i and iv
  • D. ii and iii
  • E. i and iii
View Answer & Discuss WAEC 1992
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19
One of the advantages of control account is that
  • A. all errors are localised tus reducing delays in balancing accounts
  • B. all erroes are generalized thus reducing delays in balancing accounts
  • C. book keepers cannot make mistakes
  • D. all errors are posted into the account
  • E. all cash transactions are posted into the accounts
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20
The assets of business can be classified broadly int
  • A. fixed and floating assets
  • B. fixed and current assets
  • C. intangible and fixed assets
  • D. current and circulating assets
  • E. investment and tangibl assets
View Answer & Discuss WAEC 1992
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