Waec Accounts - Principles of Accounts Past Questions and Answers

Question 521:

• WAEC 2000

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. Using the straight line method, what is the amount of depreciation charged per annum?

A. N9,000
B. N5,500
C. N4,000
D. N3,500

Question 522:

• WAEC 2000

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?

A. N1,000 profit
B. N500 profit
C. N500 loss
D. N1,000 loss

Question 523:

• WAEC 2000

Which of the following is not an example of input device?

A. Card reader
B. Keyboard
C. Visual display unit
D. Central processing unit

Question 524:

• WAEC 2000

The double entry for increasing provision for bad debt is debit

A. Debtor's account, credit provision for bad debt account
B. Profit and loss account, credit debtor's account
C. Debtor's account, credit profit and loss acount
D. Profit and loss account, credit provision for bad debt account

Question 525:

• WAEC 2000

Bills receivable is a

A. Current liability
B. Current asset
C. Long-term liability
D. Fictitious asset