AdmitMe
All subjects

WAEC Accounts (Principles of Accounts) questions

297 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 81· Company accounts· WAEC

    Shares that carry a fixed rate of dividend paid before ordinary dividends are

    Explanation and discussion

  2. Question 82· Company accounts· WAEC

    Shares issued to existing shareholders free of charge out of reserves are

    Explanation and discussion

  3. Question 83· Company accounts· WAEC

    100,000 ordinary shares of ₦1 each are issued at ₦1.50 each. Find the share premium.

    Explanation and discussion

  4. Question 84· Company accounts· WAEC

    Share premium arises when shares are issued

    Explanation and discussion

  5. Question 85· Company accounts· WAEC

    Preference shareholders receive

    Explanation and discussion

  6. Question 86· Company accounts· WAEC

    Authorised share capital is

    Explanation and discussion

  7. Question 87· Company accounts· WAEC

    Ordinary shares carry

    Explanation and discussion

  8. Question 88· Company accounts· WAEC

    The amount of share capital a company is permitted to issue was traditionally called

    Explanation and discussion

  9. Question 89· Company accounts· WAEC

    A company issued 50,000 ordinary shares of 50 kobo each at 80 kobo. The share premium account is credited with

    Explanation and discussion

  10. Question 90· Company accounts· WAEC

    A company issues 100,000 ordinary shares of ₦1 each at ₦1.50. The share premium is

    Explanation and discussion

  11. Question 91· Company accounts· WAEC

    Retained profit in a company's balance sheet belongs to

    Explanation and discussion

  12. Question 92· Company accounts· WAEC

    Preference shareholders are entitled to

    Explanation and discussion

  13. Question 93· Company accounts· WAEC

    Proposed dividends are shown in the

    Explanation and discussion

  14. Question 94· Company accounts· WAEC

    The maximum share capital a company may issue is its

    Explanation and discussion

  15. Question 95· Company accounts· WAEC

    A company has ₦200,000 of 10% debentures. Annual debenture interest is

    Explanation and discussion

  16. Question 96· Control accounts· WAEC

    Which of these appears on the credit side of the purchases ledger control account?

    Explanation and discussion

  17. Question 97· Control accounts· WAEC

    Cheques paid to suppliers are entered in the purchases ledger control account on the

    Explanation and discussion

  18. Question 98· Control accounts· WAEC

    Interest charged to a customer on an overdue account is entered in the sales ledger control account on the

    Explanation and discussion

  19. Question 99· Control accounts· WAEC

    In the sales ledger control account, credit sales are entered on the

    Explanation and discussion

  20. Question 100· Control accounts· WAEC

    Cash sales are NOT recorded in the sales ledger control account because

    Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test