Waec Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 21:

• WAEC 2015

The cost of putting goods into a saleable condition is charged to

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

Question 22:

• WAEC 2015

Which of the following is not a method of depreciating fixed assets?

A. Revaluation
B. Straight Line
C. Diminishing balance
D. Obsolescence

Question 23:

• WAEC 2015

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

A. Current liability
B. Expenses
C. Income
D. Current asset

Question 24:

• WAEC 2015

The process of using sales ledger balance to cancel off purchases ledger balance is

A. Balancing
B. Set off
C. Reconcilation
D. Cancelling

Question 25:

• WAEC 2015

Which of the following items is found in the sales ledger control account?

A. Discount received
B. Total credit purchases
C. Discount allowed
D. Returns outwards