1990 - WAEC Accounting Past Questions & Answers - page 1

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
Journal entry
B
double entry
C
suspense account entry
D
adjustment entry
CORRECT OPTION: e
2
A trial balance is a proof of
A
arithmetical accuracy of postings only
B
accurate narration of the journa entries
C
accuracy of the debt entry
D
accuracy of the credit entry
CORRECT OPTION: a
3
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
A
i
B
i and ii
C
ii
D
iii
CORRECT OPTION: e
4
Which of the following does not belong to the group?
A
straight line
B
insurance policy
C
diminishing balance
D
reducing balance
CORRECT OPTION: b
5
Prime cost consist of
A
factory cost and cost of material
B
overhead cost and direct cost
C
direct expenses, direct labour and direct material
D
direct expenses and direct labour
CORRECT OPTION: c
6
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?
A
N940
B
N1,460
C
N2,040
D
N3,060
CORRECT OPTION: b
7
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?
A
N940
B
N1,460
C
N2,040
D
N3,060
CORRECT OPTION: a
8
Which of the following errors affects the trial balance?
A
commission
B
omission
C
principle
D
original entry
CORRECT OPTION: e
9
The trial balance will show return outwards account N60. discount allowed account N100, respectively as
A
N60 credit, N100 credit
B
N60 credit, N100 debit
C
N60 debit, N100 debit
D
N61 debit, N100 credit
CORRECT OPTION: b
10
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
A
i
B
ii
C
iii
D
i and ii
CORRECT OPTION: d
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