Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 6:

• WAEC 2021

Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.

Depreciation for the year 2019 is

A. ₦180,000
B. ₦166,500
C. ₦90,000
D. ₦76,500

Question 7:

• WAEC 2021

Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.
The net book value of the asset at 31/12/19 is

A. ₦523,500
B. ₦510,000
C. ₦433,500
D. ₦420,000

Question 8:

• WAEC 2021

Wages accrued is shown in the balance sheet as

A. An asset
B. An income
C. An expense
D. A liability

Question 9:

• WAEC 2021

Provision is made in the accounts when the amount involved in the anticipated loss is

A. Too much
B. Not significant
C. Not certain
D. Well known

Question 10:

• WAEC 2021

Accounting concepts are rules of accounting which are to be

A. Taught in all accounting classes
B. Implemented by all professional bodies
C. Followed in the preparation of financial statements
D. Applied in correction of business errors