Waec Accounts - Principles of Accounts 1992 Past Questions and Answers

Question 6:

• WAEC 1992

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
E. Compensation

Question 7:

• WAEC 1992

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
E. Purchases ledger

Question 8:

• WAEC 1992

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
E. A premium

Question 9:

• WAEC 1992

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
E. N90

Question 10:

• WAEC 1992

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
E. N90