Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1441:

• WAEC 2018

1) Differentiate between Public sector accounting and Private sector accounting
2) Sources of revenue for a local government
3) Items of expenditure of a local government

Question 1442:

• WAEC 2019

Subscription owing $ 6,000 (31/12/2014);
Subscription in advance $ 4,000 (31/12/2014);
Cash received as subscription during the year was $ 80,000.

The subscription for the year 2014 was?

A. $90,000
B. $82,000
C. $78,000
D. $70,000

Question 1443:

• WAEC 2019

The net book value of the machine as at 31st December 2017 was

A. 44,000
B. 41,200
C. 39,000
D. 38,760

Question 1444:

• WAEC 2019

Use the following information to answer the question below
A firm bought a lathe machine for Le 45,600 on 1s January 2015. The life span was estimated to be 20 years while scrap at the end of the period was valued at Le 1,600. It was to be depreciated by the fixed installment method.

The depreciation per annum is

A. 2,360
B. 2,280
C. 2,200
D. 1,600

Question 1445:

• WAEC 2019

The document used to correct an undercharge on an invoice is

A. Credit note
B. Debit note
C. Receipt
D. Voucher