Waec Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 31:

• WAEC 2017

The prudence concept demands that

A. Care is exercised in recognition of profit
B. Loss should be anticipated
C. Profit should be reported
D. Income should be recognized and disclosed

Question 32:

• WAEC 2017

Carriage outward expenses of a business are treated in the

A. Balance sheet
B. Income sur plus account
C. Profit and loss account
D. Trading account

Question 33:

• WAEC 2017

The cost of transporting purchased goods t0 the warehouse is charged to the

A. Profit and loss account
B. Appropriation account
C. Trading account
D. Income surplus account

Question 34:

• WAEC 2017

An organization purchased a piece of equipment for N112,000. It is expected to be used for 6 years then sold for N16,000. What is the annual amount of depreciation, if the straight-line method is used?

A. N16,000
B. N15,000
C. N12,800
D. N12,000

Question 35:

• WAEC 2017

Use the following information to answer the question below
Sales ledger balances 01/06/12------ 9,000
30/06/12------------------------------------30,000
Total for the month: Cash sales----- 10,000
Returns inwards --------------------------3,000
Cheque dishonoured-------------------- 4,000

The total sales for the month is?

A. 36,000
B. 31,000
C. 30,000
D. 10,000