Waec Accounts - Principles of Accounts 1992 Past Questions and Answers

Question 11:

• WAEC 1992

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
E. Reserve

Question 12:

• WAEC 1992

Subscription in advance is treated in the balance sheet of a club as

A. Current liability
B. Current asset
C. Fixed asset
D. Fictitious asset
E. Intangible asset

Question 13:

• WAEC 1992

Directors' remuneration are recorded in the book as

A. Revenue expenditure
B. Appropriaion
C. Deferred expenditure
D. Provision
E. Capital expenditure

Question 14:

• WAEC 1992

In a non-profit oriented organization, the excess of income over expenditure is

A. Asses ro the capita,l
B. Added to the accumulated fund
C. Deducted from the capital
D. Deduced from the accumulated fund
E. Deduced from the reserve

Question 15:

• WAEC 1992

Which of the following will not affect the agreement of the cash book balance and bank statement balance?

A. Bank charges
B. Standing order
C. Dishonoured cheque
D. Cash payment
E. Unpresented cheques