Waec Accounting Past Questions For Year 2016
Question 36
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 subscribed share capital is
- A. N300,000
- B. N250,000
- C. N200,000
- D. N150,000
Question 37
When allotments have been fully paid, subscribers are referred to as
- A. Allotters
- B. Applicants
- C. Non-members
- D. Shareholders
Question 38
The total of the discounts received column in the three column cash book is?
- A. Debited to discounts received account
- B. Credited to discounts received account
- C. Debited to discounts allowed account
- D. Credited to discount allowed account
Question 39
The transfer of money from one sub-head to another in the public sector is
- A. Budgeting
- B. Allocation
- C. Virement
- D. Vote
Question 40
Which of the following is a source of local government revenue?
- A. Excise duties
- B. Market dues
- C. Import duties
- D. Loans and grants
