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Accounts - Principles of Accounts 1995 WAEC Past Questions

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16
When a business is purchased, the double entries required in the purchaser's book are debit,
  • A. venfdor's account and credit purchase of business account
  • B. asset account and credit purchases of business account
  • C. cash account and credit vendor's account
  • D. purchase of business account
  • E. vendor's account and credit cash account
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17
Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque
  • A. i and v
  • B. i and ii
  • C. ii, ii and iii
  • D. i and iv
  • E. i, iv and v
View Answer & Discuss WAEC 1995
18
A fund established for the payment of minor expenses is
  • A. cash discount
  • B. cash flow
  • C. petty cash
  • D. accumulated fund
  • E. reserve
View Answer & Discuss (1) WAEC 1995
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
19
The maximum amount which a company can raise by way of selling share is
  • A. issued capital
  • B. working capital
  • C. paid-up capital
  • D. shareholders capital
  • E. authorized capital
View Answer & Discuss WAEC 1995
20
The aggregate of amounts owed to a business by is customers is known as
  • A. accounts receivable
  • B. account current
  • C. accounts payable
  • D. accumulated fund
  • E. debtors' fund
View Answer & Discuss WAEC 1995
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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