Waec Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 41:

• WAEC 2002

A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is charged to profit and loss account for the year 2000?

A. N45,000
B. N42,000
C. N36,000
D. N33,000

Question 42:

• WAEC 2002

Depreciation is

A. Cost of repairs incurred on a fixed asset
B. A charge for the wear and tear of fixed assets
C. The cost incurred on replacing a fixed asset
D. Provision for loss of fixed asset

Question 43:

• WAEC 2002

A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is carried in the Balance Sheet at 31st December, 2000?

A. N45,000
B. N12,000
C. N9,000
D. N4,500

Question 44:

• WAEC 2002

A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. The amount carried in the Balance sheet is classified as

A. Current asset
B. Current liability
C. Capital
D. Long-term liability

Question 45:

• WAEC 2002

The total amount of money set aside for a particular purpose by government is

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