Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1461:

• WAEC 2019

Where there is provision for depreciation, fixed asset is shown in the balance sheet at
i. cost less depreciation for the period only.
ii. cost less total depreciation to date.
iii. written down values

A. I only
B. Ii only
C. I and ii only
D. I and iii only

Question 1462:

• WAEC 2019

When closing stock is undervalued, the cost of goods sold would be

A. Overstated and the gross profit understated
B. Understated and the gross profit overstated
C. Understated and the gross profit overstated
D. Understated and the gross profit understated

Question 1463:

• WAEC 2019

Where fixed capital account is maintained, partners Share of profit is transferred to the

A. Debit side of the capital account
B. Credit side of the capital account
C. Credit side of partner's current account
D. Debit side of partners current account

Question 1464:

• WAEC 2019

When bank charges are deducted from a customer's account, the balance on the bank statement would be

A. More than the cash book balance
B. Less than the cash book balance
C. Equal to the cash book balance
D. Added to the cash book balance

Question 1465:

• WAEC 2019

Companies issue shares to the public in order to

A. Reduce the number of directors
B. Reduce the number of shareholders
C. Raise capital
D. Generate profit