2008 - WAEC Accounting Past Questions and Answers - page 5
41
The entries to record goods bought for cash are: debit
A
cash account; credit purchases account
B
purchases account ; credit cash account
C
purchases account; credit stock account
D
purchases account; credit goods account
correct option: b
Users' Answers & Comments42
Carriage inwards is posted to
A
trading account
B
profit and loss account
C
appropriate account
D
balance sheet
correct option: a
Users' Answers & Comments43
Repairs to air conditioners was debited to office equipment account. This is an error of
A
principle
B
commission
C
original entry
D
compensation
correct option: a
Users' Answers & Comments44
The practice of identifying with one constant approach where a number of approach exist for solving an accounting problem is the convention of
A
conservatism
B
consistency
C
prudence
D
materiality
correct option: b
Users' Answers & Comments45
Which of the following is a storage device?
A
diskette
B
key board
C
printer
D
monitor
correct option: a
A floppy disk, also known as a floppy, diskette, or simply disk, is a type of disk storage composed of a disk of thin and flexible magnetic storage medium, sealed in a rectangular plastic enclosure lined with fabric that removes dust particles
46
Trade creditors personal accounts are found in the
A
purchases ledger
B
sales ledger
C
general ledger
D
sales day book
correct option: a
Users' Answers & Comments47
Which of the following is a norminal account?
A
bank account
B
cash account
C
sales account
D
stock account
correct option: c
Users' Answers & Comments48
Which of the following is not an instrument for controlling public expenditure?
A
constitution
B
financial regulation
C
budget
D
memorandum
correct option: d
Users' Answers & Comments49
Use the following to answer the given question
\(\begin{array}{c|c} & ₦\ \hline \text{Opening debtors} & 40,000\ \text{Opening creditors} & 30,000 \ \text{Credit sales} & 100,000\ \text{Credit purchases} & 80,000 \ \text{Bad debts}& 5,500\ \text{Set-offs} & 65,500\end{array}\)
Closing debtors figure is
\(\begin{array}{c|c} & ₦\ \hline \text{Opening debtors} & 40,000\ \text{Opening creditors} & 30,000 \ \text{Credit sales} & 100,000\ \text{Credit purchases} & 80,000 \ \text{Bad debts}& 5,500\ \text{Set-offs} & 65,500\end{array}\)
Closing debtors figure is
A
₦140,000
B
₦134,500
C
₦80,000
D
₦69,000
correct option: d
Users' Answers & Comments50
Use the following to answer the given question
\(\begin{array}{c|c} & ₦\ \hline \text{Opening debtors} & 40,000\ \text{Opening creditors} & 30,000 \ \text{Credit sales} & 100,000\ \text{Credit purchases} & 80,000 \ \text{Bad debts}& 5,500\ \text{Set-offs} & 65,500\end{array}\)
Closing creditors figure is
\(\begin{array}{c|c} & ₦\ \hline \text{Opening debtors} & 40,000\ \text{Opening creditors} & 30,000 \ \text{Credit sales} & 100,000\ \text{Credit purchases} & 80,000 \ \text{Bad debts}& 5,500\ \text{Set-offs} & 65,500\end{array}\)
Closing creditors figure is
A
₦115,500
B
₦110,000
C
₦95,500
D
₦44,500
correct option: d
Users' Answers & Comments