Waec Accounts - Principles of Accounts Past Questions and Answers

Question 556:

• WAEC 2001

What is the effect on a firm for making a payment of N10,000 to creditor? its liabilities

A. Decrease and its assets decrease
B. Increase and its assets decrease
C. Decrease and its asseys increase
D. Increase and its assets increase

Question 557:

• WAEC 2001

The depreciation method that allocates higher value to the use of an asset in its earlier years is

A. Dinimishing balance method
B. Revaluation method
C. Fixed instalment method
D. Straight line method

Question 558:

• WAEC 2001

Given a purchases invoice showing 5 items at N40,000 each less trade discount of 25% and cash discount of 10% the amount to be paid within the credit period is

A. N200,000
B. N180,000
C. N135,000
D. N75,000

Question 559:

• WAEC 2001

The purchases Ledger control Account is also referred to as

A. Total creditors Accounts
B. Total ebitors Account
C. Cash Account
D. Personal Account

Question 560:

• WAEC 2001

Which of the following is a primary source of entry into the debtors ledger?

A. Suppliers invoice
B. Returns outward notes
C. Sales invoices
D. Payment vochers