Waec Accounts - Principles of Accounts Past Questions and Answers

Question 701:

• WAEC 2004

The total of the purchases day book is posted to the purchases account in the

A. General ledger
B. Purchases journal
C. Private ledger
D. Purchases ledger

Question 702:

• WAEC 2004

Use the following information to answer the question
\(\begin{array}{c|c} \text{prepared} & \text{1/01/2003} & N600.00\\ \text{Rent paid} & \text{31/12/2003} & N3,000.00\\ \text{Rent prepaid} & \text{31/12/2003} & N400.00\end{array}\)
Rent for 2013 amounted to

A. N4,000
B. N3,200
C. N3,000
D. N2,800

Question 703:

• WAEC 2004

Use the following information to answer the question
\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)
Uncredited cheques amount to

A. N229,800
B. N121,560
C. N85,305
D. N22,935

Question 704:

• WAEC 2004

Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?

A. Capitalization
B. Depreciation
C. Depletion
D. Amortization

Question 705:

• WAEC 2004

The amount set aside out of profit for a specific purpose is

A. Provision
B. Reserve
C. Depreciation
D. Depletion