Waec Accounts - Principles of Accounts Past Questions and Answers

Question 601:

• WAEC 2002

A provision is

A. An amount set out of profit for other uses
B. An amount of loss from trading activities
C. An expense of buisiness to be paid for in cash
D. A loss in value of all business assets

Question 602:

• WAEC 2002

The term bad debt is used to describe

A. A debt that cannot be recovered
B. A debt that is long over due
C. An overcharge on a debtor's account
D. A debt owned by a former employee

Question 603:

• WAEC 2002

The double entry for refund of unsuccessful application monies is debit

A. Application for shares account, credit bank account
B. Bank account, credit application for shares accoun
C. Allotment account, credit bank account
D. Cash account, credit bank aaccount

Question 604:

• WAEC 2002

Which of the following is not an accounting concept?

A. Entity
B. Going-concern
C. Consistency
D. Historical cost

Question 605:

• WAEC 2002

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was

A. N39,000
B. N16,000
C. N14,000
D. N12,000