Waec Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 41:

• WAEC 2006

Which of the following is not a revenue expenditure?

A. Payment of salaries
B. Payment for advertisement
C. Purchases of motor vehicle
D. Purchases of goods

Question 42:

• WAEC 2006

The amount allowed off the cost price of an article to stimulate patronage is

A. Cash discount
B. Trade discount
C. Discount on debt
D. Discount on bills

Question 43:

• WAEC 2006

Which of the following columns of a three column cash book are memoranda? i. Discount ii. Discount allowed iii. Cash iv. Bank

A. I ans ii only
B. I and iii only
C. Ii and iii only
D. Iii and iv only

Question 44:

• WAEC 2006

Where the head office maintains all books of account, goods sent to branch is credited to

A. Goods sent to branch account
B. Branch stock account
C. Branch stockk adjustment account
D. Head office current account

Question 45:

• WAEC 2006

Which of the following is a journal as well as an account?

A. Sales day book
B. Cash book
C. General journal
D. Purchases journal