1992 - WAEC Accounting Past Questions & 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
CORRECT OPTION: b
2
In which of the following books will trade discount be recorded?
A
cash book
B
general ledger
C
purchases day book
D
invoices
CORRECT OPTION: c
3
In a manufacturing company, wages paid to operatives increase the value of
A
urnover
B
prime cost
C
gross profit
D
overhead cost
CORRECT OPTION: b
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
CORRECT OPTION: c
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
CORRECT OPTION: d
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
CORRECT OPTION: e
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
CORRECT OPTION: e
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
CORRECT OPTION: b
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
CORRECT OPTION: d
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
CORRECT OPTION: a
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