Waec Accounts - Principles of Accounts Past Questions and Answers

Question 931:

• WAEC 2008

An approach for discovering missing figures in incomplete records is the use of

A. Cash book
B. Control accounts
C. Trading accounts
D. Balance sheets

Question 932:

• WAEC 2008

A merchant paid ₦180,000 on rent for 18 months bu charged ₦120,000 to profit and loss account for the year. The concept applied is

A. Business entity
B. Going concern
C. Accrual
D. Materiality

Question 933:

• WAEC 2008

Which of the following is an advantage of the imprest system?

A. Rewarding the imprest holder
B. Reducing the burden of petty cashier
C. Rreimbursting the petty cashier regularly
D. Reducing the posting for small expenses into the main ledger

Question 934:

• WAEC 2008

Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \\ \hline \text{Turn over} & ₦100,00 & ₦80,000\\ \text{Commission} & ₦3,600 & & \\ \text{Rent} & ₦6,000 & & \\ \text{Flor space} & & 200m^2 & 100m^2 \end{array}\)
How much commission was apportioned to Department a?

A. ₦9,600
B. ₦3,600
C. ₦2,000
D. ₦1,600

Question 935:

• WAEC 2008

Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \\ \hline \text{Turn over} & ₦100,00 & ₦80,000\\ \text{Commission} & ₦3,600 & & \\ \text{Rent} & ₦6,000 & & \\ \text{Flor space}& & 200m^2 & 100m^2 \end{array}\)
Rent apportioned to Department B is

A. ₦4,000
B. ₦3,600
C. ₦2,000
D. ₦1,600