Waec Accounts - Principles of Accounts Past Questions and Answers

Question 101:

• WAEC 1991

Reccurrent expenditure of government is paid from

A. Reserved fund
B. Consolidated revenue fund
C. Development fund
D. Contigencies fund
E. Personal fund

Question 102:

• WAEC 1991

Which of the following is related to debtors account?

A. Purchases ledger
B. General ledger
C. Norminal lesger
D. Sales ledger
E. Private ledger

Question 103:

• WAEC 1991

The price paid for the purchase of for the purchase of a business is

A. Debited to the cash account and credited to the vendor's account
B. Credited to the cash account and debited to the vendor's account
C. Credited to the business purchases account and debited to the assets account
D. Debited to the business purchase account and credited to the assets account
E. Credited to the cash account and debited to the assets account

Question 104:

• WAEC 1991

Depreciation is

A. A charge for the wear and tear of a fixed asset
B. The cost of replacing a fixed asset
C. The loss incurred on the sale of a fixed asset
D. The cost of repairs incurred on a fixed asset
E. The increase in value of a fixed asset

Question 105:

• WAEC 1991

Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date

A. I
B. Ii
C. Iii
D. I and ii
E. I and iii