Waec Accounts - Principles of Accounts Past Questions and Answers

Question 216:

• WAEC 1993

Which of the following is a Revenue Income?

A. The sale proceeds of an old table
B. The sale proceeds of shares
C. Loan refund
D. Debt recovered
E. The sale proceeds of an old typewriter

Question 217:

• WAEC 1993

Which of the following is a fictitious asset?

A. Plant and mechinery
B. Prepayment
C. Preliminary expenses
D. Investment
E. Fictures and fittings

Question 218:

• WAEC 1993

Income received in advance is shown in the balance sheet as

A. Current asset
B. Intangible asset
C. Tangible asset
D. Long term liabilities
E. Current loabilities

Question 219:

• WAEC 1993

Gavon. Ltd. failed to record N2,000 wages. The error committed is that of

A. Omission
B. Commission
C. Principle
D. Compensation
E. Original entry

Question 220:

• WAEC 1993

The excess of current assets over current liabilities is

A. Authorised capital
B. Norminal capital
C. Issed capital
D. Owners capital
E. Working capital