Waec Accounts - Principles of Accounts Past Questions and Answers

Question 51:

• WAEC 1990

Prof. Bush had two accounts with Olive Brother agreed to have only one balance outstanding. By which of the following methods could this be effected?

A. Journal entry
B. Double entry
C. Suspense account entry
D. Adjustment entry
E. Contra entry

Question 52:

• WAEC 1990

Prof. Bush had two accounts with Olive Brother agreed to have only one balance outstanding. By which of the following methods could this be effected?

A. Journal entry
B. Double entry
C. Suspense account entry
D. Adjustment entry
E. Contra entry

Question 53:

• WAEC 1990

A trial balance is a proof of

A. Arithmetical accuracy of postings only
B. Accurate narration of the journa entries
C. Accuracy of the debt entry
D. Accuracy of the credit entry
E. Accuracy of ledger entries

Question 54:

• WAEC 1990

Which of the following is not true of revenue expenditure? i. It is incurred in one period of account. ii. its full benefits are consumed in the period incurred. iii. it includes items for replacement and repairs iv. it does not include depreciation

A. I
B. I and ii
C. Ii
D. Iii
E. Iv

Question 55:

• WAEC 1990

Which of the following does not belong to the group?

A. Straight line
B. Insurance policy
C. Diminishing balance
D. Reducing balance
E. Accumulated depreciation