Waec Accounts - Principles of Accounts Past Questions and Answers

Question 171:

• WAEC 1992

When provision is made for doubtful debt, the accounting entries are debit

A. Profit and loss account, credit debtors account
B. Debtors account, credit trading account
C. Profit and loss account, credit sales account
D. Trading account, credit debtors account
E. Profit and loss account, credit provision for doubtful debt account

Question 172:

• WAEC 1992

Chukwu's Capital at 1/1/89 and 31/12/89 were N30,000 and N50,000 respectively. During the year he introduced additional capital of N10,500 and withdrew N5,300 for private use. What is his profit for 1989?

A. N30,500
B. N25,300
C. N20,000
D. N15,800
E. 14,800

Question 173:

• WAEC 1992

The excess of the par value of a company's shares over the amount for what for which they are issued to the public is called

A. Discount
B. Profit
C. Loss
D. Premium
E. Reserve

Question 174:

• WAEC 1992

Which of the following is not a balance sheet item?

A. Provision for discount
B. Outstanding wages
C. Prepais rent
D. Proposed dividend
E. Dividend received

Question 175:

• WAEC 1992

Which of the following is not on debtor's legal control account?

A. Credit sales
B. Cash sales
C. Bills receivable
D. Dishonoured cheque
E. Cash received from customers