WAEC Accounting Past Questions & Answers

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1.

A sale of goods to audu was not posted. This is an error of

A.

Omission

B.

Compensation

C.

Commission

D.

Principle

Correct answer is A

No explanation has been provided for this answer.

2.

Creditors at start was N4,650 and at close N2,480, cash paid to suppliers during the year amounted to N12,000. Credit purchases for the year is valued at

A.

N14,480

B.

N12,000

C.

N9,830

D.

N7,130

Correct answer is C

No explanation has been provided for this answer.

3.

The total share capital which a company would be allowed to issue is known as

A.

Issued share capital

B.

Authorised share capital

C.

Working capital

D.

Fixed capital

Correct answer is B

No explanation has been provided for this answer.

4.

Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The unissued capital of the company is

A.

N310,000

B.

N300,000

C.

N210,000

D.

N100,000

Correct answer is D

No explanation has been provided for this answer.

5.

Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The company's paid-up capital is

A.

N310,000

B.

N290,000

C.

N210,000

D.

N190,000

Correct answer is D

No explanation has been provided for this answer.


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