Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1351:

• WAEC 1996

A payment of N150 to a credit

A. An increase in assets only
B. A reduction of assets only
C. A reduction in assets and liabilities
D. An increase in assets and liabilities
E. A reduction in the bank account

Question 1352:

• WAEC 1996

Which of the following is not charged to Manufacturing Account?

A. Raw materials
B. Factory's wages
C. Distribution expenses
D. Royalties

Question 1353:

• WAEC 1996

Discount received is shown in the

A. Credit side of sales ledger balances
B. Debit side f bought ledger balances
C. Credit side of bought ledger balances
D. Debit side of sales ledger balances
E. Sales ledger balances as contra entry

Question 1354:

• WAEC 1996

Which of the following does not appear in a bank statement?

A. Dividend received received on behalf of customers
B. Bank charges
C. Insurance premium paid on behalf of customers
D. Dishonoured chques
E. Uncredied charges

Question 1355:

• WAEC 1996

Impersonal Accounts contain

A. Real and cash accounts
B. Capital and nominal accounts
C. Real and normal accounts
D. Investment and real accounts
E. Interest received and real account