Waec Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 26:

• WAEC 1998

Goods worth N800 was stolen. The double entries are, debit,

A. Purchases account, credut trading account
B. Trading account, credit purchases account
C. Profit and loss account, credit purchases account
D. Profit and loss account, credit purchases account
E. Capital account, credit purchasses account

Question 27:

• WAEC 1998

Payment for shares in excess of amount demanded gives rise to

A. Dividend warrant
B. Revenue reserve
C. Capital reserve
D. Call-in-advance
E. Call-in-arrears

Question 28:

• WAEC 1998

Provision for discount on debtor on debtors is to be

A. Debited to profit and loss account
B. Creit to profit and loss discount
C. Debit to debtors account
D. Debited to provision for bad debts account

Question 29:

• WAEC 1998

Which of the following cannot be realized?

A. Debtors
B. Creditors
C. Fixtures
D. Goodwill
E. Motor vehicles

Question 30:

• WAEC 1998

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Capital expenditure for the year was

A. N690,000
B. N590,000
C. N500,000
D. N140,000