Waec Accounts - Principles of Accounts Past Questions and Answers

Question 221:

• WAEC 1993

Carriage inwards are

A. Credited to the trading account
B. Debited to the trading account
C. Credited to the profit account
D. Debited o the profit and loss account
E. Debited to the profit and loss appropriation account

Question 222:

• WAEC 1993

Which of the following accounts is not kept by a local government?

A. Departmental votes revenue account
B. Departmental votes expenditure account
C. Deposit account
D. Advances account
E. Profit and loss account

Question 223:

• WAEC 1993

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent paid 31/12/89} & N4,000\\ \text{Rent owing 1/1/89} & N500 \\ \text{Rent owing 31/12/89} & N300\end{array}\)
Rent for 1989 amounts to

A. N4,500
B. N4,300
C. N4,000
D. N3,800
E. N3,500

Question 224:

• WAEC 1993

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the amount share capital?

A. N33,000
B. N25,000
C. 23,000
D. N15,000
E. N10,000

Question 225:

• WAEC 1993

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the value of shareholder's equity?

A. N25,000
B. N23,000
C. N18,000
D. N15,000
E. N10,000