Waec Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 31:

• WAEC 2009

A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net book value at the time of sales is

A. D 64,000
B. D 60,000
C. D 40,000
D. D 36,000

Question 32:

• WAEC 2009

A service which a firm has enjoyed, but has not yet been paid for is

A. Accured expense
B. Preliminary expense
C. Prepaid expense
D. Overhead expense

Question 33:

• WAEC 2009

Which of the following is not part of the double entry system?

A. Trading account
B. Proffit and loss account
C. Appropriation account
D. Balance sheet

Question 34:

• WAEC 2009

In the balance sheet, the balance on the provision for Depreciation Account shown as

A. Addition to fixed assets
B. Deduction from fixed assets
C. Addition to capital
D. Duduction from current liabilies

Question 35:

• WAEC 2009

S. Sule sets aside from his private funds ₦20.000 is referred to as

A. Drawings
B. Capital
C. Loan
D. Profit