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
correct option: a
Users' Answers & Comments2
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
correct option: a
Users' Answers & Comments3
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
correct option: c
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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
correct option: b
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Which of the following is not a capital expenditure to a local government?
A
beds
B
theatre equipment
C
incubators
D
x-ray machine
correct option: e
Users' Answers & Comments6
A Receipt and Payments Account reveals
A
net profit
B
surplus
C
cash in hand
D
gross profit
correct option: c
Users' Answers & Comments7
An example of appropriation of profit in a company is
A
salaries
B
rent income
C
debenture interest
D
director's remuneration
correct option: e
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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
correct option: a
Users' Answers & Comments9
Which of the following is a normal account?
A
Machinery
B
Debtors
C
Creditors
D
Salaries
correct option: d
Users' Answers & Comments10
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
correct option: e
Users' Answers & Comments