Waec Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 41:

• WAEC 1997

Which of the following is not a revenue receipt?

A. Receipt from sales of goods
B. Rent from premises sublet
C. Interest on savings account
D. Cash on sale of fixed asset
E. Receipt from trade debtors

Question 42:

• WAEC 1997

Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balance b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
How much "X" ?

A. N3,480
B. N2,520
C. N1,800
D. N1,320
E. N1,200

Question 43:

• WAEC 1997

Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
"Y" represents

A. Sales
B. Purchases
C. Returns outwards
D. Return inwards
E. Discount allowed

Question 44:

• WAEC 1997

Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
The balance of 450 in the above accounts represents

A. Trading account item
B. Profit and loss account item
C. Current asset
D. Current liability
E. Provision for discount on creditors

Question 45:

• WAEC 1997

Use the following information to answer the given question
Kudi Local Government Council incurred the following expenditure in 1995:
\(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\)
The amount of revenue expenditure for 1995 was

A. N26,000
B. N230,000
C. N220,000
D. N22,000