Waec Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 16:

• WAEC 2002

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is

A. N48,000
B. N39,000
C. N36,000
D. N21,000

Question 17:

• WAEC 2002

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is

A. N24,000
B. N21,000
C. N18,000
D. N9,000

Question 18:

• WAEC 2002

The capital sum which represents the difference between he asset and liabilities of a society or club is

A. Working capital
B. Accumulated fund
C. Consilidated fund
D. Reserved capital

Question 19:

• WAEC 2002

The total of the purchases day book is posted to the purchases account in the

A. Purchases ledger
B. General ledger
C. Private ledger
D. Nominal ledger

Question 20:

• WAEC 2002

The document authorising an officer to incur expenditure is known as

A. Virement
B. Budget
C. Warrant
D. Vote