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Accounts - Principles of Accounts 2024 WAEC Past Questions

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46

Shares which are issued at no cost to existing shareholders in proportion to existing shares held are 

  • A. founders' shares.
  • B. preference shares.
  • C. deferred shares.
  • D. bonus shares.
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47

Which of the following items will be recorded on the credit side of a club's income and expenditure account? 

  • A. Donation to children's home
  • B. Donations received
  • C. Honoraria paid to guest speakers  
  • D. Meeting expenses.
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48

Where the head office maintains all books of account, the cost of goods returned is credited to

  • A. Goods Sent to Branch Account
  • B. Branch Stock Account.
  • C. Branch Head Office Current Account.
  • D. Branch Debtors Account  
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49

Distribution of dividends to shareholders are made from profit 

  • A. on sale of fixed assets
  • B. before tax.
  • C. after tax.
  • D.  on purchase of business.  
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50

The debit side of a trial balance total is GH¢ 2,000 more than the credit side. Which of the following errors would account for the difference? 

  • A. A receipt of GH¢ 2,000 for rent has been omitted from the books
  • B. Carriage inwards of GH¢ 2,000 has been debited to carriage outwards account
  • C. Petty cash balance of GH¢ 1,000 has been omitted from the books
  • D. Discount received of GH¢ 1,000 has been debited to discount allowed account
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