WAEC Accounting Past Questions & Answers - Page 249

1,241.

Into how many types can general purpose computers be classified?

A.

Three

B.

Four

C.

Five

D.

Six

Correct answer is A

No explanation has been provided for this answer.

1,242.

The amount for which a business is sold is

A.

Purchase consideration

B.

Premium

C.

Capital reserve

D.

Goodwill

Correct answer is A

No explanation has been provided for this answer.

1,243.

When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately

A.

On pro-rate

B.

At discount

C.

At par

D.

At premium

Correct answer is A

No explanation has been provided for this answer.

1,244.

The document authorising an officer to incur expenditure is known as

A.

Virement

B.

Budget

C.

Warrant

D.

Vote

Correct answer is C

No explanation has been provided for this answer.

1,245.

The total of the purchases day book is posted to the purchases account in the

A.

Purchases ledger

B.

General ledger

C.

Private ledger

D.

Nominal ledger

Correct answer is B

No explanation has been provided for this answer.