2001 - WAEC Accounting Past Questions and Answers - page 2

A subsidiary record is a book

In which ledger is the control account prepared?

Suppliers personal accounts are found in the

Commission of N5,000 to a sales representative is debited to salaries account. This is an error of

Purchase of goods of N2,000 was treated as sales and entered in the sales day book and had been carried through the account as such. This error of

Which of the following is not correct?

A business firm incurs labour cost in installing machinery. This should be treated as

Use the following information to answer the given question
\(\begin{array}{c|c} & N\ \hline \text{Motor Van} & 120,000\ \text{Buildings} & 300,000 \ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The capital of the business is

Use the following information to answer the given question
\(\begin{array}{c|c} & N\ \hline \text{Motor Van} & 120,000\ \text{Buildings} & 300,000 \ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The liabilities of the business amount to

What is the effect on a firm for making a payment of N10,000 to creditor? its liabilities