Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 46:

• WAEC 2016

Assets which are readily convertible into cash are termed as

A. Liquid assets
B. Fixed assets
C. Intangible assets
D. Tangible assets

Question 47:

• WAEC 2016

A loan to a company under the company's seal is

A. Fixed deposit
B. Mortgage
C. Bond
D. Debenture

Question 48:

• WAEC 2016

Debts that a firm is unable to recover are debited to bad debts account and credited to

A. Suppliers account
B. Sales account
C. Customers account
D. Cash account

Question 49:

• WAEC 2016

When a fixed asset is disposed off, the accounting entries to write off the asset are Debit

A. Profit and loss account; credit asset disposal account
B. Asset disposal account; credit profit and loss account
C. Asset disposal account, credit asset account
D. Profit and loss account; credit provision for depreciation account

Question 50:

• WAEC 2016

The financial statement which is an expression of the accounting equation is the

A. Trading account
B. Profit and loss account
C. Balance sheet
D. Statement of cash flow