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
correct option: b
Users' Answers & Comments2
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
Users' Answers & Comments3
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
Users' Answers & Comments4
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
Users' Answers & Comments5
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
Users' Answers & Comments6
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
Users' Answers & Comments7
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
Users' Answers & Comments8
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
Users' Answers & Comments9
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
Users' Answers & Comments10
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
Users' Answers & Comments