Waec Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 21:

• WAEC 2008

Which of the following is not an item in the appropriation account of a company?

A. General reserve
B. Company tax
C. Debenture interest
D. Goodwill written off

Question 22:

• WAEC 2008

The purchase of furniture, an asset to the company was debited to purchases account. This is an error of

A. Omission
B. Original entry
C. Principle
D. Commission

Question 23:

• WAEC 2008

Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the registrar of companies?

A. Authorized capital
B. Registered capital
C. Issued capital
D. Norminal capital

Question 24:

• WAEC 2008

A cash payment of ₦85 to Regina was entered in the books as ₦58. The entries to correct the error are: debit

A. Regina's account ₦27 : credit cash account ₦27
B. Cash account ₦27 : credit Regina's account ₦27
C. Regina's account ₦143 : credit cash account ₦143
D. Cash account ₦143 : credit Regina's account ₦143

Question 25:

• WAEC 2008

Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The gross profit is

A. Le 47,200
B. Le 42,200
C. Le 37,200
D. Le 19,800