Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 21:

• WAEC 2007

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The entry for rent received in the profit and loss account for the year ended 31st December 2005 is

A. Credit profit and loss account with D4,500
B. Credit profit and loss account with D2,500
C. Debit profit and loss account with D2,500
D. Debit profit and loss account with D,500

Question 22:

• WAEC 2007

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as

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

Question 23:

• WAEC 2007

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a

A. Fixed asset
B. Current asset
C. Current liability
D. Capital

Question 24:

• WAEC 2007

Which of the following is not a cause of depreciation?

A. Inflation
B. Erosion and decay
C. Wear and tear
D. Obsolescence

Question 25:

• WAEC 2007

Items on the left-hand side of a total debtors account are debits in the

A. Purchase ledger
B. Sales ledger
C. General ledger
D. Journal