1993 - WAEC Accounting Past Questions and Answers - page 2
11
Cash stolen from branch-taking s is recorded in the Head Office books by debiting
A
defalcations account and crediting branch stock acccount
B
mark-up account and crediting branch stock account
C
defalcations account and crediting profit and loss account
D
cash account and crediting branch stock account
correct option: a
Users' Answers & Comments12
A trial balance is a proof of accuracy of
A
transactions
B
final accounts
C
double entry in the ledger
D
trading account
correct option: c
Users' Answers & Comments13
The term bad debts means debts
A
recorded in wrong account
B
owed by an employee
C
paid with fake currency
D
that cannot be collected
correct option: d
Users' Answers & Comments14
The equivalent of a club's Receipt and payment account is
A
cash account
B
revenue account
C
trading account
D
suspense account
correct option: a
Users' Answers & Comments15
Goodwill is
A
a current asset
B
a current liability
C
a long term liability
D
a fictitious asset
correct option: e
Users' Answers & Comments16
Purchases in accounting refers to goods bought for
A
repairs
B
owner's use
C
resale
D
decorating offices
correct option: c
Users' Answers & Comments17
which of the following is not a Nominal Account?
A
rent
B
wages
C
discount
D
land
correct option: d
Users' Answers & Comments18
The amount of individual items on a government budget is called
A
a vote
B
a deposit
C
a investment
D
a loan
correct option: a
Users' Answers & Comments19
Which of the following does not belong to the group?
A
discount allowed
B
salaries and wages
C
sundry expenses
D
rates and rent
correct option: e
Users' Answers & Comments