1992 WAEC Accounts Past Questions & Answers - page 1

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1
Which of the following will a supplier send to a customer whose invoice was undercast?

A
invoice
B
debit note
C
cresit note
D
cheque

Correct Option: B

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2
In which of the following books will trade discount be recorded?

A
cash book
B
general ledger
C
purchases day book
D
invoices

Correct Option: C

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3
In a manufacturing company, wages paid to operatives increase the value of

A
urnover
B
prime cost
C
gross profit
D
overhead cost

Correct Option: B

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4
The accounting equation is

A
assets and liabilities amount to capital
B
capital less assets amounts to liabilities
C
asseta less liabilities amount to capital
D
capital and assets amounts to liability

Correct Option: C

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5
The purchases of a typewriter for the office was debited to purchases account. This is an error of

A
commission
B
omission
C
original entry
D
principle

Correct Option: D

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6
Which of the following is not a book of prime entry?

A
cash book
B
puchases day book
C
sles day book
D
journal paper

Correct Option: E

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7
Adex Company Limited issued ordinary shares N1 each to the public at N1.20. The statement were issued at

A
a discount
B
a profit
C
a loss
D
par

Correct Option: E

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8
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is charges to the profit and loss account for 1990?

A
N1,350
B
N1,080
C
N338
D
N270

Correct Option: B

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9
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is carried in the Balance Sheet at 31st December 1990?

A
N1,350
B
N1,080
C
N338
D
N270

Correct Option: D

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10
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. The amount carried in the Balance Sheet is classified as

A
current asset
B
current liabilities
C
investment
D
fictitious asset

Correct Option: A

No further explanations yet...

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