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1992 - WAEC Accounting Past Questions and Answers - page 1

1

Which of the following will a supplier send to a customer whose invoice was undercast?

A
invoice
B
debit note
C
cresit note
D
cheque
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2

In which of the following books will trade discount be recorded?

A
cash book
B
general ledger
C
purchases day book
D
invoices
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3

In a manufacturing company, wages paid to operatives increase the value of

A
urnover
B
prime cost
C
gross profit
D
overhead cost
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4

The accounting equation is

A
assets and liabilities amount to capital
B
capital less assets amounts to liabilities
C
asseta less liabilities amount to capital
D
capital and assets amounts to liability
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5

The purchases of a typewriter for the office was debited to purchases account. This is an error of

A
commission
B
omission
C
original entry
D
principle
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6

Which of the following is not a book of prime entry?

A
cash book
B
puchases day book
C
sles day book
D
journal paper
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7

Adex Company Limited issued ordinary shares N1 each to the public at N1.20. The statement were issued at

A
a discount
B
a profit
C
a loss
D
par
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8

A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is charges to the profit and loss account for 1990?

A
N1,350
B
N1,080
C
N338
D
N270
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9

A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is carried in the Balance Sheet at 31st December 1990?

A
N1,350
B
N1,080
C
N338
D
N270
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10

A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. The amount carried in the Balance Sheet is classified as

A
current asset
B
current liabilities
C
investment
D
fictitious asset
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