1990 - WAEC Accounting Past Questions and Answers - page 3
21
A balance of N102 on waged account was transferred as N120. This is error of
A
transposition
B
omission
C
principle
D
original entry
correct option: a
Users' Answers & Comments22
Carriage inwards is shown on the
A
debit side of the profit and loss account
B
credit side of the trading account
C
debit side of the trading account
D
credit side of the profi and loss account
correct option: c
Users' Answers & Comments23
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold
A
N3,186
B
N2,866
C
N2,255
D
N2,175
correct option: e
Users' Answers & Comments24
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. The value of goods available for sale will be
A
3,186
B
N2,255
C
N2,175
D
N2,055
correct option: b
Users' Answers & Comments25
The salary of a shop keeper who sells goods would be charged in the
A
balance sheet
B
sales account
C
profit and loss account
D
trading account
correct option: d
Users' Answers & Comments26
Commission received is entered on the
A
credit side of the profit and loss account
B
credit side of the trading account
C
credit side of the cash book
D
debit side of the profit and loss account
correct option: a
Users' Answers & Comments27
The balance of the sales account is transferred to the trading account by
A
debiying the profit and loss account
B
debiting the trading account
C
debiting the sales account
D
crediting the profit and loss account
correct option: c
Users' Answers & Comments28
What are the entries of posting credit purchases into the purchases ledger control account?
A
debt purchases ledger control accoun only
B
debit both purchases account and purchases ledger control account
C
credit purchases acount, debit purcases ledger control account
D
credit both purchases ledger control account and the purchases accunt
correct option: e
Users' Answers & Comments29
When precision for depreciation account is maintained, the annual charge for depreciation shall be
A
debited to the provision account and credited to profit and loss account
B
debited to the asset account and credited to profit and loss account
C
debited to profit and loss account and credited provision account
D
debited to the asset account and credited to the provisio account
correct option: c
Users' Answers & Comments30
The straight-line depreciation is
A
a fixed sum set aside for the replacement of the asset
B
a fixed percentage of the balance of the asset at the end of the year
C
an estimated amount each year
D
an inctease in the value of the asset
correct option: e
Users' Answers & Comments