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Thursday, 02 April 2026
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Accounts - Principles of Accounts Past Questions and Answers

Waec Accounts - Principles of Accounts Questions

Question 96:
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total cash received from customers?
  • A N19,092
  • B N19,700
  • C N20,668
  • D N21,002
  • E N21,610
View Answer & Explanation
Question 97:
When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being
  • A Forfrited
  • B Issued at a discount
  • C Issued on prorata
  • D Issued at par
  • E Issued at a premium
View Answer & Explanation
Question 98:
When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being
  • A Forfrited
  • B Issued at a discount
  • C Issued on prorata
  • D Issued at par
  • E Issued at a premium
View Answer & Explanation
Question 99:
Preliminary expenses of a limited liability company are
  • A Fixed assets
  • B Current assests
  • C Fictitious assets
  • D Fictitious liability
  • E Current liability
View Answer & Explanation
Question 100:
In government imprest system the amount reimbursed is the
  • A Actual amount spent
  • B Amount of the float
  • C Amount spent above the float
  • D Balance of the float
  • E Sum of unreceipted vouchers
View Answer & Explanation