Waec Accounts - Principles of Accounts Past Questions and Answers

Question 506:

• WAEC 2000

Prepaid rent of N650 had been recorded as N560. This is an error of

A. Commission
B. Principle
C. Compensation
D. Original entry

Question 507:

• WAEC 2000

When a buyer is undercharged, the seller forwards

A. A debit note
B. A credit note
C. An undercast note
D. A payment receipt

Question 508:

• WAEC 2000

Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is

A. N2,000
B. N1,700
C. N1,400
D. N1,300

Question 509:

• WAEC 2000

Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under

A. Current lability
B. Current asset
C. Long term liability
D. Fixes asset

Question 510:

• WAEC 2000

In computing, external storage is called

A. Backing storage
B. Logging storage
C. Primary storage
D. Extra storage