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Accounts - Principles of Accounts Past Questions

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1971
Nagode (Nig.) Ltd. has three departments A, B and C. You are given the following Information
(i)Rent for the year - N3,000
(ii) Selling and distribution expenses - N1,800
(iii) Department
\(\begin{array}{c|c} & Turnover & \text{Floor space in square meters} \\ & N & N \\ \hline A. & 40,000 & 120 \\ B. & 60,000 & 80 \\ C. & 80,000 & 100\end{array}\)
How much of selling and distribution expenses is apportioned to department A?
  • A. N1,800
  • B. N800
  • C. N720
  • D. N600
  • E. N400
View Answer & Discuss WAEC 1992
1972
When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being
  • A. forfrited
  • B. issued at a discount
  • C. issued on prorata
  • D. issued at par
  • E. issued at a premium
View Answer & Discuss WAEC 1991
1973
Preliminary expenses of a limited liability company are
  • A. fixed assets
  • B. current assests
  • C. fictitious assets
  • D. fictitious liability
  • E. current liability
View Answer & Discuss WAEC 1991
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1974
In government imprest system the amount reimbursed is the
  • A. actual amount spent
  • B. amount of the float
  • C. amount spent above the float
  • D. balance of the float
  • E. sum of unreceipted vouchers
View Answer & Discuss WAEC 1991
1975
Reccurrent expenditure of government is paid from
  • A. reserved fund
  • B. consolidated revenue fund
  • C. development fund
  • D. contigencies fund
  • E. personal fund
View Answer & Discuss WAEC 1991
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