1997 - WAEC Accounting Past Questions and Answers - page 3
21
A real account is the account of
A
expenses or losses
B
gains or income
C
physical tangible items
D
fictitious items
correct option: d
Users' Answers & Comments22
An item is fictitious because it
A
does not exist
B
is too costly
C
is worthless
D
cannot be sold for cash
correct option: a
Users' Answers & Comments23
Which of the following is not a personal account?
A
Bolaji Account
B
Drawings Account
C
P.Z. Plc Account
D
Cash Account
correct option: c
Users' Answers & Comments24
A provision is
A
an expense of business to be paid for in cash
B
an amount of loss from trading activities
C
a loss in value of all business assets
D
an expense the amount of which is not certain
correct option: e
Users' Answers & Comments25
A cash discount is a
A
Trading Account item
B
Profit and Loss Account item
C
Appropriation Account item
D
Receipts and Payments Account item
correct option: b
Users' Answers & Comments26
Use the following information to answer the given question
Kudi Local Government Council incurred the following expenditure in 1995:
\(\begin{array}{c|c} & N \ \hline \text{Payment of salaries} & 140,000 \ \text{Purchase of drugs for dispensaries} & 80,000 \ \text{Purchase of books for Library} & 30,000 \ \text{Sinking of wells} & 70,000 \ \text{Extension of Council offices} & 160,000 \end{array}\)
The amount of capital expenditure for 1995 was
Kudi Local Government Council incurred the following expenditure in 1995:
\(\begin{array}{c|c} & N \ \hline \text{Payment of salaries} & 140,000 \ \text{Purchase of drugs for dispensaries} & 80,000 \ \text{Purchase of books for Library} & 30,000 \ \text{Sinking of wells} & 70,000 \ \text{Extension of Council offices} & 160,000 \end{array}\)
The amount of capital expenditure for 1995 was
A
N260,000
B
N230,000
C
N220,000
D
N160,00
correct option: b
Users' Answers & Comments27
Use the following information to answer this question
Kudi Local Government Council incurred the following expenditure in 1995:
N
Payment of salaries 140,000
Purchase of drugs for dispensaries 80,000
Purchase of books for Library 30,000
Sinking of wells 70,000
Extension of Council offices 160,000
The amount of revenue expenditure for 1995 was
Kudi Local Government Council incurred the following expenditure in 1995:
N
Payment of salaries 140,000
Purchase of drugs for dispensaries 80,000
Purchase of books for Library 30,000
Sinking of wells 70,000
Extension of Council offices 160,000
The amount of revenue expenditure for 1995 was
A
N26,000
B
N230,00
C
N220,000
D
N160,000
correct option: c
Users' Answers & Comments28
An expense becomes an accrual because it
A
is due for payment
B
is a Profit and Loss Account item
C
is a Trading Account item
D
is to be paid within the next one year
correct option: a
Users' Answers & Comments29
The amount for which a business is sold is known as
A
goodwill
B
capital reserve
C
purchase consideration
D
premium
correct option: c
Users' Answers & Comments30
The person who is responsible for the formation of a company is called the
A
promoter
B
dividend
C
shareholder
D
director
correct option: a
Users' Answers & Comments