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Accounts - Principles of Accounts Past Questions

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1601
Company tax paid is debited to
  • A. profit and loss appropriation
  • B. manufacturing account
  • C. profit and loss account
  • D. trading account
View Answer & Discuss WAEC 1999
1602
Which of the following is not a revenue expenditure ?
  • A. repair of generating set
  • B. purchase of inventory
  • C. extension of building
  • D. paymen of subscription
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1603
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
View Answer & Discuss WAEC 1999
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1604
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
View Answer & Discuss WAEC 1999
1605
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
View Answer & Discuss WAEC 1999
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