1995 - WAEC Accounting Past Questions and Answers - page 3
21
Which of the following does a consignee prepare and send to his consignor?
A
account eceivable
B
current account
C
account payable
D
account sales
correct option: d
Users' Answers & Comments22
In the consignee's record account, the accounting treatment of expenses paid for on behalf of the consignor is debit
A
consignee's account, credit cash account, credit cash account
B
cash account, credit consignor's account
C
consignee's account, credit cash account
D
cash account, credit consignee's account
correct option: a
Users' Answers & Comments23
Which of the following is a fictitious asset?
A
preliminary expenses
B
fixtures and fittings
C
cash in hand
D
land and buildings
correct option: a
Users' Answers & Comments24
Expenditure incurred to maintain an asset's earning capacity is called
A
capacity expenditure
B
revenue expenditure
C
general expenditure
D
tangible expenditure
correct option: b
Users' Answers & Comments25
Which of the following does not relate to a manufacturing concern?
A
balance sheet
B
profit and loss account
C
ledger account
D
cash book
correct option: e
Users' Answers & Comments26
Which of the following is not true of a trial balance?
A
list taken of the account balance in the general ledger
B
proof of the arithmetical accuracy of the ledger postings
C
summary of data for the preparation of financial statement
D
list of account abstracted from a subsidiary ledger to check their agreement with the related control account
correct option: d
Users' Answers & Comments27
The chief accounting officer of Nigeria is called the
A
auditor general
B
chief accountant
C
treasurer
D
accountant general
correct option: d
Users' Answers & Comments28
Expenses incurred but not yet paid is
A
contigent liability
B
current liability
C
current asset
D
fixed asset
correct option: b
Users' Answers & Comments29
Which of the following does not lead to depreciation assets?
A
wear and tear
B
passage of time
C
devaluation of Naira
D
obsolescence
correct option: c
Users' Answers & Comments30
Which of the following is capital expenditure?
A
purchase of stock
B
a purchase of motor vehicles for sale
C
subscriptionspaid
D
extension of building
correct option: d
Users' Answers & Comments