Waec Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 11:

• WAEC 2004

Use the following information to answer the question
\(\begin{array}{c|c} \text{prepared} & \text{1/01/2003} & N600.00\\ \text{Rent paid} & \text{31/12/2003} & N3,000.00\\ \text{Rent prepaid} & \text{31/12/2003} & N400.00\end{array}\)
Rent for 2013 amounted to

A. N4,000
B. N3,200
C. N3,000
D. N2,800

Question 12:

• WAEC 2004

Use the following information to answer the question
\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)
Uncredited cheques amount to

A. N229,800
B. N121,560
C. N85,305
D. N22,935

Question 13:

• WAEC 2004

Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?

A. Capitalization
B. Depreciation
C. Depletion
D. Amortization

Question 14:

• WAEC 2004

The amount set aside out of profit for a specific purpose is

A. Provision
B. Reserve
C. Depreciation
D. Depletion

Question 15:

• WAEC 2004

Which of the following is correct about cost of goods sold?

A. Opening stock + purchases - closing stock
B. Opening stock + sales + closing stock
C. Openig stock - purchases - closing stock
D. Opening stock + sales + closing stock