Waec Accounts - Principles of Accounts 1990 Past Questions and Answers

Question 26:

• WAEC 1990

The salary of a shop keeper who sells goods would be charged in the

A. Balance sheet
B. Sales account
C. Profit and loss account
D. Trading account
E. Manufacturing account

Question 27:

• WAEC 1990

Commission received is entered on the

A. Credit side of the profit and loss account
B. Credit side of the trading account
C. Credit side of the cash book
D. Debit side of the profit and loss account
E. Debit side of thetrading account

Question 28:

• WAEC 1990

The balance of the sales account is transferred to the trading account by

A. Debiying the profit and loss account
B. Debiting the trading account
C. Debiting the sales account
D. Crediting the profit and loss account
E. Crediting the sales account

Question 29:

• WAEC 1990

What are the entries of posting credit purchases into the purchases ledger control account?

A. Debt purchases ledger control accoun only
B. Debit both purchases account and purchases ledger control account
C. Credit purchases acount, debit purcases ledger control account
D. Credit both purchases ledger control account and the purchases accunt
E. Debit purchases account, credit purchases ladger control account

Question 30:

• WAEC 1990

When precision for depreciation account is maintained, the annual charge for depreciation shall be

A. Debited to the provision account and credited to profit and loss account
B. Debited to the asset account and credited to profit and loss account
C. Debited to profit and loss account and credited provision account
D. Debited to the asset account and credited to the provisio account
E. Debiited to theprovisiom account and credited to the asser account