Waec Accounts - Principles of Accounts 1993 Past Questions and Answers

Question 16:

• WAEC 1993

Goodwill is

A. A current asset
B. A current liability
C. A long term liability
D. A fictitious asset
E. An intangible asset

Question 17:

• WAEC 1993

Purchases in accounting refers to goods bought for

A. Repairs
B. Owner's use
C. Resale
D. Decorating offices
E. Permanent use

Question 18:

• WAEC 1993

which of the following is not a Nominal Account?

A. Rent
B. Wages
C. Discount
D. Land
E. Interest

Question 19:

• WAEC 1993

The amount of individual items on a government budget is called

A. A vote
B. A deposit
C. A investment
D. A loan
E. A grant

Question 20:

• WAEC 1993

Which of the following does not belong to the group?

A. Discount allowed
B. Salaries and wages
C. Sundry expenses
D. Rates and rent
E. Return inwards