Waec Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 31:

• WAEC 2001

The accounting entries for recording cash withdrawal by the proprietor for personal use are, debit

A. Cash ad credit purchases
B. Purchases and credit drawings
C. Purchases and credit cash
D. Drawings and credit cash

Question 32:

• WAEC 2001

The head office usually issues goods to branches at

A. Prime cost
B. Production cost
C. Net realisable value
D. Cost price

Question 33:

• WAEC 2001

Which of the following does not relate to government accounting system?

A. Vote
B. Trial balance
C. Consolidated fund
D. Profit and loss account

Question 34:

• WAEC 2001

Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What was the book value when the asset was sold?

A. N8,000
B. N6,000
C. N4,000
D. N2,000

Question 35:

• WAEC 2001

Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the correct entry for the sale of the asset in the Asset Account and Disposal of Asset Account? Debit

A. Fixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
B. Disposal of Asset Account N4,000, credit fixed Access Account N4,000
C. Disposal of Asset Account N2,000, credit Fixed Asset account N2,000
D. Fixed Asset Account N2,000, credit Disposal of Assets Account 2000