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Accounts - Principles of Accounts 1999 WAEC Past Questions

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26
Dividend proposed by a company is shown in its Balance Sheet as
  • A. current asset
  • B. current liability
  • C. long-term liability
  • D. fixed asset
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27
The main classes of shares are
  • A. preference shares and roghts issue
  • B. fixed shares and current share
  • C. ordinary shares and preference shares
  • D. redeemable shares and Irredeemable shares
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28
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the current ratio?
  • A. 4 : 1
  • B. 3 : 1
  • C. 2 : 1
  • D. 1 : 1
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29
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The debt to equity ratio is
  • A. 1 : 4.05
  • B. 1 : 4
  • C. 1 : 3
  • D. 1 : 2.3
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30
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the working capital?
  • A. N180,000
  • B. N140,000
  • C. N88,000
  • D. N66,000
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