1994 - WAEC Accounting Past Questions and Answers - page 4
31
Purchase of goods for N1,000 from chukwu had been entered in Cukwura's account. This is an error of
A
omission
B
compensation
C
commission
D
principle
Ask EduPadi AI for a detailed answer
Share this question
32
A typewriter for office use sold for N5,000 was posted to sales account. This is an error of a
A
omission
B
compensation
C
commission
D
principle
Ask EduPadi AI for a detailed answer
Share this question
33
Goods purchased for N92 was entered in the books as N29. This is an error of
A
compensation
B
omission
C
commission
D
principle
Ask EduPadi AI for a detailed answer
Share this question
34
John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?
A
debit plant account, credit current account
B
debit current account, credit plant account
C
credit plannt account, credit profit and loss account
D
debit profit and loss account, credit plant account
Ask EduPadi AI for a detailed answer
Share this question
35
Patent and Trade mark are classified under
A
fixed assets
B
current assets
C
intangible assets
D
wasting assets
Ask EduPadi AI for a detailed answer
Share this question
36
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. Using the straight line method, what was the amount of depreciation charged per annum?
A
N1,313
B
N1,406
C
N1,625
D
N1,750
Ask EduPadi AI for a detailed answer
Share this question
37
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500, Using the reducing balance method, what is the amount of depreciation for the second year?
A
N1,313
B
N1,4066
C
N1,625
D
N1,750
Ask EduPadi AI for a detailed answer
Share this question
38
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method
A
N3,250
B
N3,562
C
N3,656
D
N3,750
Ask EduPadi AI for a detailed answer
Share this question
39
Fixed assets include
A
prepayment
B
stock
C
accrual
D
land
Ask EduPadi AI for a detailed answer
Share this question
40
Deferred charges are also known as
A
accrued expenses
B
accrued income
C
prepaid expenses
D
income received in advance
Ask EduPadi AI for a detailed answer
Share this question