Courses » WAEC » WAEC Accounting » Accounting Exam Topics » 1995 - Questions and Answers

1995 - WAEC Accounting Past Questions and Answers - page 2

11

Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of

A
principle
B
original entry
C
omission
D
commission
Ask EduPadi AI for a Detailed Answer
12

A list of balance extracted from the ledger is known as

A
balance sheet
B
statement of affairs
C
trading account
D
profit and losss account
Ask EduPadi AI for a Detailed Answer
13

Provision for depreciation on office furniture is charged to

A
capital account
B
profit and loss appropriation account
C
trading account
D
profit and loss account
Ask EduPadi AI for a Detailed Answer
14

Which of the following is not a cause discrepancy between cash book and bank statement balances?

A
deposits in transit
B
standing order
C
paid cheques
D
dishonoured cheque
Ask EduPadi AI for a Detailed Answer
15

The financial plan of the government for a year is contained in the

A
vote book
B
cash analysis book
C
budget
D
general order
Ask EduPadi AI for a Detailed Answer
16

When a business is purchased, the double entries required in the purchaser's book are debit,

A
venfdor's account and credit purchase of business account
B
asset account and credit purchases of business account
C
cash account and credit vendor's account
D
purchase of business account
Ask EduPadi AI for a Detailed Answer
17

Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque

A
i and v
B
i and ii
C
ii, ii and iii
D
i and iv
Ask EduPadi AI for a Detailed Answer
18

A fund established for the payment of minor expenses is

A
cash discount
B
cash flow
C
petty cash
D
accumulated fund
Ask EduPadi AI for a Detailed Answer
19

The maximum amount which a company can raise by way of selling share is

A
issued capital
B
working capital
C
paid-up capital
D
shareholders capital
Ask EduPadi AI for a Detailed Answer
20

The aggregate of amounts owed to a business by is customers is known as

A
accounts receivable
B
account current
C
accounts payable
D
accumulated fund
Ask EduPadi AI for a Detailed Answer
Please share this, thanks: