Waec Accounts - Principles of Accounts 1991 Past Questions and Answers

Question 6:

• WAEC 1991

Which of the following is related to debtors account?

A. Purchases ledger
B. General ledger
C. Norminal lesger
D. Sales ledger
E. Private ledger

Question 7:

• WAEC 1991

The price paid for the purchase of for the purchase of a business is

A. Debited to the cash account and credited to the vendor's account
B. Credited to the cash account and debited to the vendor's account
C. Credited to the business purchases account and debited to the assets account
D. Debited to the business purchase account and credited to the assets account
E. Credited to the cash account and debited to the assets account

Question 8:

• WAEC 1991

Depreciation is

A. A charge for the wear and tear of a fixed asset
B. The cost of replacing a fixed asset
C. The loss incurred on the sale of a fixed asset
D. The cost of repairs incurred on a fixed asset
E. The increase in value of a fixed asset

Question 9:

• WAEC 1991

Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date

A. I
B. Ii
C. Iii
D. I and ii
E. I and iii

Question 10:

• WAEC 1991

N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are

A. Debit Latifat's account, credit cash book with N100
B. Credit Latifat's account, debit cash book with N100
C. Credit Latifa's account, debit cash book with N200
D. Debit Latifat's account, credit cash book with N200
E. Credit Latifat's account, debit Suspense account with N200