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Accounts - Principles of Accounts 1998 WAEC Past Questions

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26
Payment for shares in excess of amount demanded gives rise to
  • A. dividend warrant
  • B. revenue reserve
  • C. capital reserve
  • D. call-in-advance
  • E. call-in-arrears
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27
Provision for discount on debtor on debtors is to be
  • A. debited to profit and loss account
  • B. creit to profit and loss discount
  • C. debit to debtors account
  • D. debited to provision for bad debts account
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28
Which of the following cannot be realized?
  • A. debtors
  • B. creditors
  • C. fixtures
  • D. goodwill
  • E. motor vehicles
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29
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Capital expenditure for the year was
  • A. N690,000
  • B. N590,000
  • C. N500,000
  • D. N140,000
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30
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Recurrent expenditure of the year was
  • A. N170,000
  • B. N130,000
  • C. N120,000
  • D. N100,000
  • E. N80,000
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts