Waec Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 51:

• WAEC 2001

The expenditure on a good or service which is consumed either immediately or within a current accounting government?

A. Annual expenditure
B. Budgetary expenditure
C. Capital expenditure
D. Recurrent expenditure

Question 52:

• WAEC 2001

Which of the following is not an intangible asset?

A. Liancence
B. Patents
C. Trademarks
D. Fixtures

Question 53:

• WAEC 2001

Which of the following is a capital expenditure?

A. Salaries and wages
B. Stationery
C. Repairs of motor vehicle
D. Purchase of furniture

Question 54:

• WAEC 2001

Sale of goods for N600 to Ade was not posted, This is an error of

A. Omission
B. Commission
C. Principle
D. Compensation

Question 55:

• WAEC 2001

Shares sold at the nominal value are issued at

A. A discount
B. A premium
C. A loss
D. Par