Waec Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 16:

• WAEC 1997

Where a business is purchased, the full amount of the purchase consideration is credited to

A. Purchase of Business Account
B. Creditor's Account
C. Vendor's Account
D. Purchaser's Account
E. Debtor's Account

Question 17:

• WAEC 1997

A financial plan of action expressed in monetary terms is known as

A. Imprest
B. Consolidated fund
C. Warrant
D. Budget
E. Development fund

Question 18:

• WAEC 1997

Which of the following is not a source document for recording sales?

A. Debit note
B. Credit note
C. Receipt
D. Sales journal
E. Invoice

Question 19:

• WAEC 1997

Use the following information to answer this question
A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The mark-up is

A. N15,000
B. N9,000
C. N4,000
D. N3,000
E. N2,000

Question 20:

• WAEC 1997

Use the following information to answer this question
A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The double entry required for the mark-up is debit Branch

A. Sales Account, credit Branch Adjustment Account
B. Adjustment Accoutnt, credit Branch Stock Account
C. Stock Account, credit Branch Adjustment Account
D. Adjustment Account, credit Branch Profit and Loss Account
E. Profit and Lost Account, credit Branch Stock Account