2005 - WAEC Accounting Past Questions and Answers - page 3
21
Depreciation of assets is provided for provided for in consideration of
A
disposal
B
loss by fire
C
loss in transit
D
wear and tear
correct option: d
Users' Answers & Comments22
Which of the following is a factory overhead?
A
Depreciation of plant and machinery
B
Royalties
C
raw materials consumed
D
carriage outwards
correct option: a
Users' Answers & Comments23
Which of the following is used to derive missing figures in a system of incomplete records?
A
control account
B
bank account
C
profit and loss account
D
bank statement
correct option: a
Users' Answers & Comments24
Which of the following is not contained in sales ledger control account?
A
returns inwars
B
returns outwards
C
receipts from debtors
D
dishonored cheques
correct option: b
Users' Answers & Comments25
Which of the following is not credited to debtors control account?
A
provision for bad debt
B
bas debt
C
discount allowed
D
bills receivable
correct option: a
Users' Answers & Comments26
Where a firm has not kept proper books of account, an increase in closing capital over opening capital represents
A
profit
B
loss
C
prepayments
D
cash balance
correct option: a
Users' Answers & Comments27
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \ \hline & D & & D \ \text{Balance b/f} & 1,000 & Salaries & 2,000 \ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \ & & \text{Rates} & 1,500\ & & \text{Expenses} & 500 \ & & \text{Balance c/f} & 11,000\ & \overline{16,000} & & \overline{16,000} \ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \ & D & D \ \hline \text{Fixed Assets} & 50,000 & 50,000\ \text{Rent(accrued)} & 200 & 250 \ \text{Rates(prepaid)} & 300 & 400\ \text{Subscriptions in arrears} & 1,500 & 1,000\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Accumulated fund as at 1st January 2004 is
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \ \hline & D & & D \ \text{Balance b/f} & 1,000 & Salaries & 2,000 \ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \ & & \text{Rates} & 1,500\ & & \text{Expenses} & 500 \ & & \text{Balance c/f} & 11,000\ & \overline{16,000} & & \overline{16,000} \ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \ & D & D \ \hline \text{Fixed Assets} & 50,000 & 50,000\ \text{Rent(accrued)} & 200 & 250 \ \text{Rates(prepaid)} & 300 & 400\ \text{Subscriptions in arrears} & 1,500 & 1,000\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Accumulated fund as at 1st January 2004 is
A
D54,100
B
D52,800
C
D52,600
D
D51,300
correct option: d
Users' Answers & Comments28
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \ \hline & D & & D \ \text{Balance b/f} & 1,000 & Salaries & 2,000 \ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \ & & \text{Rates} & 1,500\ & & \text{Expenses} & 500 \ & & \text{Balance c/f} & 11,000\ & \overline{16,000} & & \overline{16,000} \ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \ & D & D \ \hline \text{Fixed Assets} & 50,000 & 50,000\ \text{Rent(accrued)} & 200 & 250 \ \text{Rates(prepaid)} & 300 & 400\ \text{Subscriptions in arrears} & 1,500 & 1,000\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Rates charged to the income and expenditure Account for the year 2004 is
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \ \hline & D & & D \ \text{Balance b/f} & 1,000 & Salaries & 2,000 \ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \ & & \text{Rates} & 1,500\ & & \text{Expenses} & 500 \ & & \text{Balance c/f} & 11,000\ & \overline{16,000} & & \overline{16,000} \ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \ & D & D \ \hline \text{Fixed Assets} & 50,000 & 50,000\ \text{Rent(accrued)} & 200 & 250 \ \text{Rates(prepaid)} & 300 & 400\ \text{Subscriptions in arrears} & 1,500 & 1,000\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Rates charged to the income and expenditure Account for the year 2004 is
A
D2,200
B
D1,600
C
D1,500
D
D1,400
correct option: b
Users' Answers & Comments29
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \ \hline & D & & D \ \text{Balance b/f} & 1,000 & Salaries & 2,000 \ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \ & & \text{Rates} & 1,500\ & & \text{Expenses} & 500 \ & & \text{Balance c/f} & 11,000\ & \overline{16,000} & & \overline{16,000} \ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \ & D & D \ \hline \text{Fixed Assets} & 50,000 & 50,000\ \text{Rent(accrued)} & 200 & 250 \ \text{Rates(prepaid)} & 300 & 400\ \text{Subscriptions in arrears} & 1,500 & 1,000\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Subscriptions relating to the year 2004 is
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \ \hline & D & & D \ \text{Balance b/f} & 1,000 & Salaries & 2,000 \ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \ & & \text{Rates} & 1,500\ & & \text{Expenses} & 500 \ & & \text{Balance c/f} & 11,000\ & \overline{16,000} & & \overline{16,000} \ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \ & D & D \ \hline \text{Fixed Assets} & 50,000 & 50,000\ \text{Rent(accrued)} & 200 & 250 \ \text{Rates(prepaid)} & 300 & 400\ \text{Subscriptions in arrears} & 1,500 & 1,000\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Subscriptions relating to the year 2004 is
A
D19,600
B
D17,300
C
D16,500
D
D15,00
correct option: d
Users' Answers & Comments30
Which of the following is not an accounting concept?
A
periodicity
B
accuracy
C
consistency
D
objectively
correct option: b
Users' Answers & Comments