Waec Accounting Past Questions For Year 2016
Question 31
The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is
- A. Realization concept
- B. Business entity concept
- C. Cost concept
- D. Dual aspect concept
Question 32
Purchases of fixtures and fittings by a club is recorded in the
- A. Receipts and payments account only
- B. Income and expenditure only
- C. Receipts and payments account and balance sheet
- D. Income and expenditure account and balance sheet
Question 33
The entries for credit sales at branch where the head office keeps all records are:Debit
- A. Branch stock account; credit branch debtors account
- B. Branch debtors account; credit branch stock account
- C. Branch debtors account; credit branch adjustment account
- D. Branch adjustment account; credit branch debtors account
Question 34
Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.
The authorized share capital is
- A. N300,000
- B. N250,000
- C. N200,000
- D. N150,000
Question 35
Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.
The unsubscribed share capital is
- A. N300,000
- B. N250,000
- C. N200,000
- D. N150,000
