Waec Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 11:

• WAEC 2014

Which of the following is used to record the disposal of a fixed asset?

A. Journal proper
B. Petty cash book
C. Sales day book
D. Purchase day book

Question 12:

• WAEC 2014

An error of principle is made, if

A. An entry has been made on the wrong class of account
B. A transaction has been completely omitted
C. An entry has been made on the wrong side of the two accounts corcened
D. A transaction is entered in both accounts for the wrong amount

Question 13:

• WAEC 2014

Which of the following is entered in the general journal?

A. Purchase of goods
B. Sale of goods on credit
C. Returns inward
D. Aquisition of fixed assets

Question 14:

• WAEC 2014

Us the following information to answer the question given.
\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000 \\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the annual depreciation is

A. ₦9,000
B. ₦8,500
C. ₦8,000
D. ₦6,500

Question 15:

• WAEC 2014

Use the information to answer the question given.
\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000\\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the accumulated depreciation as at 31/12/2013 is

A. ₦18,500
B. ₦17,000
C. ₦16,000
D. ₦8,000