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WAEC Accounts (Principles of Accounts) questions: Company accounts

15 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 1· Company accounts· WAEC

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

    Explanation and discussion

  2. Question 2· Company accounts· WAEC

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

    Explanation and discussion

  3. Question 3· 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 4· Company accounts· WAEC

    Share premium arises when shares are issued

    Explanation and discussion

  5. Question 5· Company accounts· WAEC

    Preference shareholders receive

    Explanation and discussion

  6. Question 6· Company accounts· WAEC

    Authorised share capital is

    Explanation and discussion

  7. Question 7· Company accounts· WAEC

    Ordinary shares carry

    Explanation and discussion

  8. Question 8· Company accounts· WAEC

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

    Explanation and discussion

  9. Question 9· 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 10· 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 11· Company accounts· WAEC

    Retained profit in a company's balance sheet belongs to

    Explanation and discussion

  12. Question 12· Company accounts· WAEC

    Preference shareholders are entitled to

    Explanation and discussion

  13. Question 13· Company accounts· WAEC

    Proposed dividends are shown in the

    Explanation and discussion

  14. Question 14· Company accounts· WAEC

    The maximum share capital a company may issue is its

    Explanation and discussion

  15. Question 15· Company accounts· WAEC

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

    Explanation and discussion

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