Waec Accounts - Principles of Accounts 1996 Past Questions and Answers

Question 6:

• WAEC 1996

Payment is shown in the Balance Sheet as

A. Current asset
B. Liability
C. Capital
D. Fixed asset
E. Investment

Question 7:

• WAEC 1996

Mr. B sod goods worth N200 on credit to Mr. C. Mr. B should debit this to

A. Profit and loss account
B. Manufacturing account
C. Sales account
D. Mr. C's account
E. Mr. B's account

Question 8:

• WAEC 1996

Mr. B sod goods worth N200 on credit to Mr. C. The credit sales should be entered into

A. Sales day book
B. Trading account
C. Profit and loss account
D. Purchases day book
E. Mr. B's Account

Question 9:

• WAEC 1996

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. Its accumulated depreciation provision provision at the time of sale was

A. N48,000
B. N42,000
C. N36,000
D. N24,000
E. N12,000

Question 10:

• WAEC 1996

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. The net book value of the equipment at the time sale was

A. N48,000
B. N36,000
C. N36,000
D. N24,000
E. N12,000