1990 - WAEC Accounting Past Questions and Answers - page 1

Prof. Bush had two accounts with Olive Brother agreed to have only one balance outstanding. By which of the following methods could this be effected?

A trial balance is a proof of

Which of the following is not true of revenue expenditure? i. It is incurred in one period of account. ii. its full benefits are consumed in the period incurred. iii. it includes items for replacement and repairs iv. it does not include depreciation

Which of the following does not belong to the group?

Prime cost consist of

Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?

Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?

Which of the following errors affects the trial balance?

The trial balance will show return outwards account N60. discount allowed account N100, respectively as

Which of the following is true of the uses of the journal proper? i. correction of errors. ii. opening and closing the accounting books iii. recording cash purchases