Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1376:

• WAEC 1996

Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Current assets amount to

A. N51,000
B. N50,000
C. N23,000
D. N22,000
E. N11,000

Question 1377:

• WAEC 2017

An amount set aside to meet expenses whose value is not certain is a

A. Reserve
B. Liability
C. Provision
D. Prepayment

Question 1378:

• WAEC 2017

A reserve is an amount

A. Set aside from profit for an unknown liability
B. Of loss from trading activities
C. Of profit from trading activities
D. Set aside from profit for a specific purpose

Question 1379:

• WAEC 2017

Use the following information to answer the question below
Nzemaman Local Government incurred the following expenditure in the year 2015.
Construction of market stalls 120,000
Staff salaries------------------- 40,000
Purchase of stationery--------- - 9,000
Sinking of boreholes------------
Building of classrooms
Maintenance of vehicles
Purchase of equipment
Capital expenditure for the local government is

A. D 473,000
B. D438,000
C. D 422,000
D. D 410,000

Question 1380:

• WAEC 2017

Use the following information to answer the question below
Nzemaman Local Government incurred the following expenditure in the year 2015.
Construction of market stalls 120,000
Staff salaries------------------- 40,000
Purchase of stationery--------- - 9,000
Sinking of boreholes------------
Building of classrooms
Maintenance of vehicles
Purchase of equipment
Recurrent expenditure for the year is

A. D 112,000
B. D 84,000
C. D 77, 000
D. D 49,000