Waec Accounts - Principles of Accounts Past Questions and Answers

Question 616:

• WAEC 2002

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The opening capital is

A. N32,000
B. N26,000
C. N25,600
D. N14,000

Question 617:

• WAEC 2002

\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of fixed assets is

A. N57,300
B. N47,500
C. N40,000
D. N37,500

Question 618:

• WAEC 2002

The financial plan of the government for a year is contained in the

A. Analysis book
B. Gazette
C. Budget
D. Vote

Question 619:

• WAEC 2002

The price paid for the purchase of a business is

A. Credited to cash accounted to cash account and debited to vendor's account
B. Debited to cash account and credited to Vendor's Account
C. Debited to business purchase Account and credited to Asset Account
D. Credited to cash Account and debited to Asset Account

Question 620:

• WAEC 2002

A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of

A. Accrual
B. Materiality
C. Prudence
D. Going-corncern