Waec Accounts - Principles of Accounts Past Questions and Answers

Question 976:

• WAEC 2009

A service which a firm has enjoyed, but has not yet been paid for is

A. Accured expense
B. Preliminary expense
C. Prepaid expense
D. Overhead expense

Question 977:

• WAEC 2009

Which of the following is not part of the double entry system?

A. Trading account
B. Proffit and loss account
C. Appropriation account
D. Balance sheet

Question 978:

• WAEC 2009

In the balance sheet, the balance on the provision for Depreciation Account shown as

A. Addition to fixed assets
B. Deduction from fixed assets
C. Addition to capital
D. Duduction from current liabilies

Question 979:

• WAEC 2009

S. Sule sets aside from his private funds ₦20.000 is referred to as

A. Drawings
B. Capital
C. Loan
D. Profit

Question 980:

• WAEC 2009

An article cost N1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?

A. ₦2,250
B. ₦2,160
C. ₦1,800
D. ₦1,440