Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1246:

• WAEC 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.
\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.
Electricity in arrears as at June 30, 2012 amounted to

A. GH¢ 12,000
B. GH¢ 10,000
C. GH¢ 8,000
D. GH¢ 4,000

Question 1247:

• WAEC 2015

The cost of putting goods into a saleable condition is charged to

A. Balance sheet
B. Trial balance
C. Profit and loss account
D. Trading account

Question 1248:

• WAEC 2015

Which of the following is not a method of depreciating fixed assets?

A. Revaluation
B. Straight Line
C. Diminishing balance
D. Obsolescence

Question 1249:

• WAEC 2015

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

A. Current liability
B. Expenses
C. Income
D. Current asset

Question 1250:

• WAEC 2015

The process of using sales ledger balance to cancel off purchases ledger balance is

A. Balancing
B. Set off
C. Reconcilation
D. Cancelling