Waec Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 41:

• WAEC 2008

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

A. ₦4,000
B. ₦3,600
C. ₦2,000
D. ₦1,600

Question 42:

• WAEC 2008

The entries to record goods bought for cash are: debit

A. Cash account; credit purchases account
B. Purchases account ; credit cash account
C. Purchases account; credit stock account
D. Purchases account; credit goods account

Question 43:

• WAEC 2008

Carriage inwards is posted to

A. Trading account
B. Profit and loss account
C. Appropriate account
D. Balance sheet

Question 44:

• WAEC 2008

Repairs to air conditioners was debited to office equipment account. This is an error of

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

Question 45:

• WAEC 2008

The practice of identifying with one constant approach where a number of approach exist for solving an accounting problem is the convention of

A. Conservatism
B. Consistency
C. Prudence
D. Materiality