Waec Accounts - Principles of Accounts Past Questions and Answers

Question 251:

• WAEC 1994

Which of he following is a current asset item?

A. Goodwill
B. Overdraft
C. Preliminary expenses
D. Prepayments
E. Outstanding expense

Question 252:

• WAEC 1994

Which of the following is a Real account item?

A. Wages and salaries account
B. Machinery account
C. Capital account
D. Drawings account
E. Alagja and sons account

Question 253:

• WAEC 1994

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?

A. N128
B. N140
C. N160
D. N175
E. N200

Question 254:

• WAEC 1994

Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

A. Trading account
B. Profit and loss account
C. Balance sheet
D. Income distribution account
E. Appropriate account

Question 255:

• WAEC 1994

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?

A. N128
B. N140
C. N160
D. N175
E. N200