Waec Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 21:

• WAEC 1998

Accounts payable is

A. An accrual
B. A provisin
C. A current liability
D. A long-term liability
E. A current asset

Question 22:

• WAEC 1998

Which of the following is/are true? i. depreciation charges increase profits ii. reduction in provision for bad debt increases profit iii. undervalued stock increases profits

A. Ii and iii
B. I and iii
C. Iii
D. Ii
E. I

Question 23:

• WAEC 1998

Uche returned goods worth N1,500 to Udo. Uche should receive

A. An invoice
B. A statement of account
C. A debit note
D. A credit note
E. Goods received note

Question 24:

• WAEC 1998

To realize an asset means to

A. Close its account in the ledger
B. Give it out as a collateral
C. Turn it to cash
D. Open its account in the ledger
E. Mortage it

Question 25:

• WAEC 1998

When a fixed asset is fully depreciated, its net book value is

A. Equal to its original cost
B. Twice its original cost
C. Equal to its current market value
D. The difference between its cost and market value
E. Equal to zero