Waec Accounts - Principles of Accounts 1995 Past Questions and Answers

Question 1:

• WAEC 1995

Which of the following is the effect of a reduction in the provision for doubtful debts?

A. Reduction in net profit
B. Reduction in cash balance
C. Reduction in gloss profit
D. Increase in gross profit
E. Increase in net profit

Question 2:

• WAEC 1995

Which of the following is the effect of a reduction in the provision for doubtful debts?

A. Reduction in net profit
B. Reduction in cash balance
C. Reduction in gloss profit
D. Increase in gross profit
E. Increase in net profit

Question 3:

• WAEC 1995

Which of the following is the basis of accounting in the Civil Service?

A. Accrual
B. Cash
C. Income
D. Expenditure
E. Profit

Question 4:

• WAEC 1995

The reward given to a debenture holder is called

A. Profit
B. Reserve
C. Premium
D. Dividend
E. Interest

Question 5:

• WAEC 1995

Which of the following is not a debit entry on a sales ledger control account?

A. Goods sold
B. Cash received
C. Dishonoured cash
D. Payment to debtors for claim
E. Interest charges