Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1551:

• WAEC 2021

Use the following information to answer this question
GH¢
Monthly rent payable 3,000
Rent paid on 01/01/2018 48,000
Rent expense for 2018 was

A. GH¢84,000
B. GH¢48,000
C. GH¢36,000
D. GH¢12,000

Question 1552:

• WAEC 2021

Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.

Depreciation for the year 2019 is

A. ₦180,000
B. ₦166,500
C. ₦90,000
D. ₦76,500

Question 1553:

• WAEC 2021

Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.
The net book value of the asset at 31/12/19 is

A. ₦523,500
B. ₦510,000
C. ₦433,500
D. ₦420,000

Question 1554:

• WAEC 2021

Wages accrued is shown in the balance sheet as

A. An asset
B. An income
C. An expense
D. A liability

Question 1555:

• WAEC 2021

Provision is made in the accounts when the amount involved in the anticipated loss is

A. Too much
B. Not significant
C. Not certain
D. Well known