1995 WAEC Accounts Past Questions & Answers - page 1

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1
Subscription in advance is an example of

A
payment
B
accual
C
debtors
D
provision

Correct Option: B

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2
Which of the following is an example of Personal Accounts?

A
stock
B
fixture
C
equiptment
D
rent

Correct Option: E

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3
Working capital is measured by the excess of

A
current liabilities over current assets
B
fixed assets over current assets
C
currents assets over current liabilities
D
current assets over fixed assets

Correct Option: C

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4
The undistributed profits of a limited liability company is

A
goodwill
B
working capital
C
net profit
D
rtained earings

Correct Option: D

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5
Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of

A
principle
B
original entry
C
omission
D
commission

Correct Option: D

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6
A list of balance extracted from the ledger is known as

A
balance sheet
B
statement of affairs
C
trading account
D
profit and losss account

Correct Option: E

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7
Provision for depreciation on office furniture is charged to

A
capital account
B
profit and loss appropriation account
C
trading account
D
profit and loss account

Correct Option: D

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8
Which of the following is not a cause discrepancy between cash book and bank statement balances?

A
deposits in transit
B
standing order
C
paid cheques
D
dishonoured cheque

Correct Option: C

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9
The financial plan of the government for a year is contained in the

A
vote book
B
cash analysis book
C
budget
D
general order

Correct Option: C

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10
When a business is purchased, the double entries required in the purchaser's book are debit,

A
venfdor's account and credit purchase of business account
B
asset account and credit purchases of business account
C
cash account and credit vendor's account
D
purchase of business account

Correct Option: E

No further explanations yet...

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