1997 - WAEC Accounting Past Questions and Answers - page 1
1
A suspense account is used to
A
agree the trial balance
B
recoord sales
C
record purchases
D
correct errors
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2
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
A
undercasting of purchase
B
overcasting of purchases
C
original entry
D
transportation of returns outwards
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3
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
A
current asset
B
fixed asset
C
current liability
D
accumulated fund
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4
A sales day book is used to record
A
cash sales of stock
B
credit sales of stock
C
cash and credit sales of stock
D
cash sales of fixed assets
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5
Which of the following is not a capital expenditure to a local government?
A
beds
B
theatre equipment
C
incubators
D
x-ray machine
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6
A Receipt and Payments Account reveals
A
net profit
B
surplus
C
cash in hand
D
gross profit
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7
An example of appropriation of profit in a company is
A
salaries
B
rent income
C
debenture interest
D
director's remuneration
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8
In a partnership goodwill is recognized when
A
a new partner is admitted
B
a partner is dormant
C
the business is making huge profit
D
the business has good customer relations
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9
Which of the following is a normal account?
A
Machinery
B
Debtors
C
Creditors
D
Salaries
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10
Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The net book value at the time of sale was
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The net book value at the time of sale was
A
N16,000
B
N14,000
C
N12,000
D
N8,000
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