Waec Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 36:

• WAEC 2008

When provision is made for doubtful doubt, the accounting entries are

A. Debit profit and loss account; credit provision for doubtful debt account
B. Debit debtors account; credit trading account
C. Debit profit and loss accoun; credit sales accoun
D. Debit trading account; credit debtors account

Question 37:

• WAEC 2008

An approach for discovering missing figures in incomplete records is the use of

A. Cash book
B. Control accounts
C. Trading accounts
D. Balance sheets

Question 38:

• WAEC 2008

A merchant paid ₦180,000 on rent for 18 months bu charged ₦120,000 to profit and loss account for the year. The concept applied is

A. Business entity
B. Going concern
C. Accrual
D. Materiality

Question 39:

• WAEC 2008

Which of the following is an advantage of the imprest system?

A. Rewarding the imprest holder
B. Reducing the burden of petty cashier
C. Rreimbursting the petty cashier regularly
D. Reducing the posting for small expenses into the main ledger

Question 40:

• WAEC 2008

Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \\ \hline \text{Turn over} & ₦100,00 & ₦80,000\\ \text{Commission} & ₦3,600 & & \\ \text{Rent} & ₦6,000 & & \\ \text{Flor space} & & 200m^2 & 100m^2 \end{array}\)
How much commission was apportioned to Department a?

A. ₦9,600
B. ₦3,600
C. ₦2,000
D. ₦1,600