Waec Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 36:

• WAEC 2009

An article cost N1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?

A. ₦2,250
B. ₦2,160
C. ₦1,800
D. ₦1,440

Question 37:

• WAEC 2009

Which of the following are Personal Accounts? i. wages ii. debtors ii. creditors iv. buildings

A. I,ii and iii only
B. Ii and iii only
C. Ii and iv only
D. Iii and iv only

Question 38:

• WAEC 2009

Prepayment is treated in the balance sheet of firm as a

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

Question 39:

• WAEC 2009

Which of the following is found in a Sales Ledger Account?

A. Credit purchases
B. Bill payable
C. Discount received
D. Discount allowed

Question 40:

• WAEC 2009

The authority of the Accountant-General to disburse from government fund is

A. Provision
B. Warrant
C. Vote
D. Estimate