Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1406:

• WAEC 2017

In a manufacturing enterprise depreciation of plant is treated in the

A. Trading account
B. Profit be and loss account
C. Manufacturing account
D. Appropriation account

Question 1407:

• WAEC 2017

The prudence concept demands that

A. Care is exercised in recognition of profit
B. Loss should be anticipated
C. Profit should be reported
D. Income should be recognized and disclosed

Question 1408:

• WAEC 2017

Carriage outward expenses of a business are treated in the

A. Balance sheet
B. Income sur plus account
C. Profit and loss account
D. Trading account

Question 1409:

• WAEC 2017

The cost of transporting purchased goods t0 the warehouse is charged to the

A. Profit and loss account
B. Appropriation account
C. Trading account
D. Income surplus account

Question 1410:

• WAEC 2017

An organization purchased a piece of equipment for N112,000. It is expected to be used for 6 years then sold for N16,000. What is the annual amount of depreciation, if the straight-line method is used?

A. N16,000
B. N15,000
C. N12,800
D. N12,000