Waec Accounts - Principles of Accounts 1994 Past Questions and Answers

Question 6:

• WAEC 1994

When a buyer is undercharged, the seller forwards

A. Undercast note
B. Consignment invoice
C. Purchases in voice
D. Debit note
E. Credit note

Question 7:

• WAEC 1994

Cash discount is given for

A. Buying in large quantity
B. Prompt settlement of account
C. Being a regular customer
D. Introducing other customers
E. Sales returns

Question 8:

• WAEC 1994

Cash discount is given for

A. Buying in large quantity
B. Prompt settlement of account
C. Being a cash reqular customer
D. Introducing other customers
E. Sales returns

Question 9:

• WAEC 1994

Where there is no partnership agreement, any contribution in excess of the agree capital attracts

A. No interest at all
B. Interest at the rate of 2\(\frac{1}{2}\)% per annum
C. Interest at the rate 5% per anuum
D. Interest at all
E. Interest at the per annum

Question 10:

• WAEC 1994

Which of he following is a current asset item?

A. Goodwill
B. Overdraft
C. Preliminary expenses
D. Prepayments
E. Outstanding expense