1993 - WAEC Accounting Past Questions and Answers - page 3
21
Which of the following is the most liquid?
A
land and buildings
B
cash at bank
C
machinery
D
goodwill
correct option: b
Users' Answers & Comments22
Which of the following does not belong to the group?
A
Plant and machinery
B
stock
C
goodwill
D
preliminary expenses
correct option: e
Users' Answers & Comments23
A partner's drawing is debited to
A
profit and loss appropriation account
B
interest account
C
loan account
D
current account
correct option: d
Users' Answers & Comments24
Trade debts amounting to N300 were written off. Which of the following would be affected?
A
purchases
B
profit and losses
C
creditors
D
sales ledger
correct option: d
Users' Answers & Comments25
Debenture is a
A
current asset
B
fixed asset
C
long term liability
D
current liability
correct option: c
Users' Answers & Comments26
Which of the following is a Revenue Income?
A
the sale proceeds of an old table
B
the sale proceeds of shares
C
loan refund
D
debt recovered
correct option: d
Users' Answers & Comments27
Which of the following is a fictitious asset?
A
plant and mechinery
B
prepayment
C
preliminary expenses
D
investment
correct option: c
Users' Answers & Comments28
Income received in advance is shown in the balance sheet as
A
current asset
B
intangible asset
C
tangible asset
D
long term liabilities
correct option: a
Users' Answers & Comments29
Gavon. Ltd. failed to record N2,000 wages. The error committed is that of
A
omission
B
commission
C
principle
D
compensation
correct option: a
Users' Answers & Comments30
The excess of current assets over current liabilities is
A
authorised capital
B
norminal capital
C
issed capital
D
owners capital
correct option: e
Users' Answers & Comments