Waec Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 1:

• WAEC 2019

Subscription owing $ 6,000 (31/12/2014);
Subscription in advance $ 4,000 (31/12/2014);
Cash received as subscription during the year was $ 80,000.

The subscription for the year 2014 was?

A. $90,000
B. $82,000
C. $78,000
D. $70,000

Question 2:

• WAEC 2019

The net book value of the machine as at 31st December 2017 was

A. 44,000
B. 41,200
C. 39,000
D. 38,760

Question 3:

• WAEC 2019

Use the following information to answer the question below
A firm bought a lathe machine for Le 45,600 on 1s January 2015. The life span was estimated to be 20 years while scrap at the end of the period was valued at Le 1,600. It was to be depreciated by the fixed installment method.

The depreciation per annum is

A. 2,360
B. 2,280
C. 2,200
D. 1,600

Question 4:

• WAEC 2019

The document used to correct an undercharge on an invoice is

A. Credit note
B. Debit note
C. Receipt
D. Voucher

Question 5:

• WAEC 2019

The concept that recognizes revenue at the time of sale and not only when cash is received is

A. Cost concept
B. Realization concept
C. Accrual concept
D. Duality concept