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Accounts - Principles of Accounts 2002 WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
16
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
  • A. N24,000
  • B. N21,000
  • C. N18,000
  • D. N9,000
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17
The capital sum which represents the difference between he asset and liabilities of a society or club is
  • A. working capital
  • B. accumulated fund
  • C. consilidated fund
  • D. reserved capital
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18
The total of the purchases day book is posted to the purchases account in the
  • A. purchases ledger
  • B. general ledger
  • C. private ledger
  • D. nominal ledger
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19
The document authorising an officer to incur expenditure is known as
  • A. virement
  • B. budget
  • C. warrant
  • D. vote
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20
When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately
  • A. on pro-rate
  • B. at discount
  • C. at par
  • D. at premium
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts