Waec Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 26:

• WAEC 2002

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The opening capital is

A. N32,000
B. N26,000
C. N25,600
D. N14,000

Question 27:

• WAEC 2002

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of fixed assets is

A. N57,300
B. N47,500
C. N40,000
D. N37,500

Question 28:

• WAEC 2002

The financial plan of the government for a year is contained in the

A. Analysis book
B. Gazette
C. Budget
D. Vote

Question 29:

• WAEC 2002

The price paid for the purchase of a business is

A. Credited to cash accounted to cash account and debited to vendor's account
B. Debited to cash account and credited to Vendor's Account
C. Debited to business purchase Account and credited to Asset Account
D. Credited to cash Account and debited to Asset Account

Question 30:

• WAEC 2002

A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of

A. Accrual
B. Materiality
C. Prudence
D. Going-corncern