Waec Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 21:

• WAEC 2005

Capital expenditure is the

A. Cost of running a business
B. Money spent on buying goods for resale
C. Money spent on acquire fixed assets
D. Extra capital paid in by the proprietor

Question 22:

• WAEC 2005

Depreciation of assets is provided for provided for in consideration of

A. Disposal
B. Loss by fire
C. Loss in transit
D. Wear and tear

Question 23:

• WAEC 2005

Which of the following is a factory overhead?

A. Depreciation of plant and machinery
B. Royalties
C. Raw materials consumed
D. Carriage outwards

Question 24:

• WAEC 2005

Which of the following is used to derive missing figures in a system of incomplete records?

A. Control account
B. Bank account
C. Profit and loss account
D. Bank statement

Question 25:

• WAEC 2005

Which of the following is not contained in sales ledger control account?

A. Returns inwars
B. Returns outwards
C. Receipts from debtors
D. Dishonored cheques