Waec Accounts - Principles of Accounts Past Questions and Answers

Question 676:

• WAEC 2003

Which of the following source documents is used for recording goods and returned to suppliers?

A. Invoice
B. Waybill
C. Debit note
D. Credit note

Question 677:

• WAEC 2003

In which of the following is purchase of fixed assets on credit first recorders?

A. Purchases journal
B. Journal proper
C. Cash book
D. General ledger

Question 678:

• WAEC 2003

In which ledger is the account of yao, a debtor found?

A. Norminal ledger
B. Purchases ledger
C. General ledger
D. Sales ledger

Question 679:

• WAEC 2003

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was

A. ₦17,000 profit
B. ₦17,000 loss
C. ₦16,000 profit
D. ₦16,000 loss

Question 680:

• WAEC 2003

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The net book value at the time of sale was

A. N33,000
B. N30,000
C. N17,000
D. N16,000