2002 - WAEC Accounting Past Questions and Answers - page 2
11
The term bad debt is used to describe
A
a debt that cannot be recovered
B
a debt that is long over due
C
an overcharge on a debtor's account
D
a debt owned by a former employee
correct option: a
Users' Answers & Comments12
The double entry for refund of unsuccessful application monies is debit
A
application for shares account, credit bank account
B
bank account, credit application for shares accoun
C
allotment account, credit bank account
D
cash account, credit bank aaccount
correct option: a
Users' Answers & Comments13
Which of the following is not an accounting concept?
A
entity
B
going-concern
C
consistency
D
historical cost
correct option: d
The following are types of accounting concept; Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Duality Aspect concept, Realisation Concept, Accrual Concept and Matching Concept
Users' Answers & Comments14
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was
A
N39,000
B
N16,000
C
N14,000
D
N12,000
correct option: d
Users' Answers & Comments15
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is
A
N48,000
B
N39,000
C
N36,000
D
N21,000
correct option: a
Users' Answers & Comments16
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
A
N24,000
B
N21,000
C
N18,000
D
N9,000
correct option: d
Users' Answers & Comments17
The capital sum which represents the difference between he asset and liabilities of a society or club is
A
working capital
B
accumulated fund
C
consilidated fund
D
reserved capital
correct option: b
Users' Answers & Comments18
The total of the purchases day book is posted to the purchases account in the
A
purchases ledger
B
general ledger
C
private ledger
D
nominal ledger
correct option: b
Users' Answers & Comments19
The document authorising an officer to incur expenditure is known as
A
virement
B
budget
C
warrant
D
vote
correct option: c
Users' Answers & Comments20
When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately
A
on pro-rate
B
at discount
C
at par
D
at premium
correct option: a
Users' Answers & Comments