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JAMB and WAEC Accounts (Principles of Accounts) questions: Company accounts

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· Company accounts· WAEC

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

    Explanation and discussion

  2. Question 22· Company accounts· JAMB

    Debenture interest is

    Explanation and discussion

  3. Question 23· Company accounts· JAMB

    Called-up capital is

    Explanation and discussion

  4. Question 24· Company accounts· JAMB

    A company issued 100,000 shares of ₦1 at par; ₦0.75 per share has been called and paid. Paid-up capital is

    Explanation and discussion

  5. Question 25· Company accounts· JAMB

    Dividend paid to ordinary shareholders is

    Explanation and discussion

  6. Question 26· Company accounts· WAEC

    Retained profit in a company's balance sheet belongs to

    Explanation and discussion

  7. Question 27· Company accounts· WAEC

    Preference shareholders are entitled to

    Explanation and discussion

  8. Question 28· Company accounts· WAEC

    Proposed dividends are shown in the

    Explanation and discussion

  9. Question 29· Company accounts· JAMB

    The statement showing a company's cash inflows and outflows is the

    Explanation and discussion

  10. Question 30· Company accounts· WAEC

    The maximum share capital a company may issue is its

    Explanation and discussion

  11. Question 31· Company accounts· JAMB

    Calls in arrears are

    Explanation and discussion

  12. Question 32· Company accounts· JAMB

    Forfeited shares are shares

    Explanation and discussion

  13. Question 33· Company accounts· WAEC

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

    Explanation and discussion

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