Waec Accounts - Principles of Accounts 1995 Past Questions and Answers

Question 21:

• WAEC 1995

The aggregate of amounts owed to a business by is customers is known as

A. Accounts receivable
B. Account current
C. Accounts payable
D. Accumulated fund
E. Debtors' fund

Question 22:

• WAEC 1995

Which of the following does a consignee prepare and send to his consignor?

A. Account eceivable
B. Current account
C. Account payable
D. Account sales
E. Consignment account

Question 23:

• WAEC 1995

In the consignee's record account, the accounting treatment of expenses paid for on behalf of the consignor is debit

A. Consignee's account, credit cash account, credit cash account
B. Cash account, credit consignor's account
C. Consignee's account, credit cash account
D. Cash account, credit consignee's account
E. Account sales, credit consignee's account

Question 24:

• WAEC 1995

Which of the following is a fictitious asset?

A. Preliminary expenses
B. Fixtures and fittings
C. Cash in hand
D. Land and buildings
E. Investment

Question 25:

• WAEC 1995

Expenditure incurred to maintain an asset's earning capacity is called

A. Capacity expenditure
B. Revenue expenditure
C. General expenditure
D. Tangible expenditure
E. Intangible expenditure