Waec Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 36:

• WAEC 2006

Which of the following is charged to trading account?

A. Discounts allowed
B. Carriage outwards
C. Salaries
D. Carriage inwards

Question 37:

• WAEC 2006

Which of the following is not a debit item in a creditor's control account?

A. Cash paid
B. Returns outwards
C. Purchases
D. Discount received

Question 38:

• WAEC 2006

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)

A. ₦160,000
B. ₦130,000
C. ₦100,000
D. ₦60,000

Question 39:

• WAEC 2006

Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the straight reducing balance method, the depreciation charged for year 2002 was

A. ₦100,000
B. ₦90,000
C. ₦80,000
D. ₦60,000

Question 40:

• WAEC 2006

Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the reducing balance method, the depreciation charged for year 2003 was

A. ₦160,000
B. ₦150,000
C. ₦130,000
D. ₦120,000