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
correct option: d
Users' Answers & Comments
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
correct option: e
Users' Answers & Comments
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
correct option: d
Users' Answers & Comments
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
correct option: c
Users' Answers & Comments
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
correct option: c
Users' Answers & Comments
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
correct option: e
Users' Answers & Comments
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
correct option: c
Users' Answers & Comments
18
A fund established for the payment of minor expenses is
A
cash discount
B
cash flow
C
petty cash
D
accumulated fund
correct option: d
Users' Answers & Comments
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
correct option: e
Users' Answers & Comments
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
correct option: a
Users' Answers & Comments
Please share this, thanks: