Waec Accounts - Principles of Accounts Questions
Question 161:
Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the
- A Ledger
- B Principal journal
- C Cash book
- D Purchases day book
- E Sales day book
Question 162:
Impersonal real accounts include. i. expenditure on telephone ii. motor vehicles iii. expenses on telegram iv. land and buildings
- A I and iii
- B Iii and iv
- C Ii and iv
- D I, ii and iii
- E I, ii, iii and iv
Question 163:
In a professional partnership, membership must be between
- A 2 and 8
- B 2 and 10
- C 2 and 50
- D 2 and any number
- E 2 and 20
Question 164:
A private limited company is that which i. restricts the right to transfer its share. ii. has a minimum of seven members. iii. limits membership to fifty. iv. offers its shares for sale to the public
- A I and ii
- B Ii and iv
- C I and iv
- D Ii and iii
- E I and iii
Question 165:
One of the advantages of control account is that
- A All errors are localised tus reducing delays in balancing accounts
- B All erroes are generalized thus reducing delays in balancing accounts
- C Book keepers cannot make mistakes
- D All errors are posted into the account
- E All cash transactions are posted into the accounts