Waec Accounts - Principles of Accounts 1993 Past Questions and Answers

Question 26:

• WAEC 1993

Debenture is a

A. Current asset
B. Fixed asset
C. Long term liability
D. Current liability
E. Tangible asset

Question 27:

• WAEC 1993

Which of the following is a Revenue Income?

A. The sale proceeds of an old table
B. The sale proceeds of shares
C. Loan refund
D. Debt recovered
E. The sale proceeds of an old typewriter

Question 28:

• WAEC 1993

Which of the following is a fictitious asset?

A. Plant and mechinery
B. Prepayment
C. Preliminary expenses
D. Investment
E. Fictures and fittings

Question 29:

• WAEC 1993

Income received in advance is shown in the balance sheet as

A. Current asset
B. Intangible asset
C. Tangible asset
D. Long term liabilities
E. Current loabilities

Question 30:

• WAEC 1993

Gavon. Ltd. failed to record N2,000 wages. The error committed is that of

A. Omission
B. Commission
C. Principle
D. Compensation
E. Original entry