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Accounts - Principles of Accounts Past Questions

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3046

A unit of a company capital is?

  • A. debenture
  • B. stock
  • C. premium
  • D. share
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3047

An increase in provision for doubtful debts would result in

  • A. decrease in net profit
  • B. increase in net profit
  • C. decrease in gross profit
  • D. increase in gross profit
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3048

Resources owned and controlled by a business are classified as

  • A. assets
  • B. capital
  • C. liabilities
  • D. drawings
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
3049

Use the following information to answer questions below

Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.

    GH⊄
January 1 Petty cash in hand 1034
January 1 Petty cash to restore float 6966
January 6 Bought note books 656
January 7 Paid wages 1828
January 14 Bought postage stamps 750
January 16 Paid to Biodun a creditor 1072
January 18 Paid wages 1856
January 23 Purchased envelopes 874
January 28 Purchased postage stamps 420


 



Amount posted to the personal ledger was

  • A. GH⊄ 1,034
  • B. GH⊄ 1,072
  • C. GH⊄ 6,966
  • D. GH⊄ 3,684
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3050

Use the following information to answer questions below

Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.

    GH⊄
January 1 Petty cash in hand 1034
January 1 Petty cash to restore float 6966
January 6 Bought note books 656
January 7 Paid wages 1828
January 14 Bought postage stamps 750
January 16 Paid to Biodun a creditor 1072
January 18 Paid wages 1856
January 23 Purchased envelopes 874
January 28 Purchased postage stamps 420


 



Amount spent on stationery was

  • A. GH⊄ 1,170
  • B. GH⊄ 1,076
  • C. GH⊄ 1,530
  • D. GH⊄ 874
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709