Waec Accounts - Principles of Accounts Past Questions and Answers

Question 256:

• 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, what is the net book value at the second year?

A. N512
B. N525
C. N640
D. N700
E. N800

Question 257:

• WAEC 1994

Which of the following is treated under partnership appropriation account?

A. Interest on loan
B. Salary of workers
C. Electricity
D. Salary of partner
E. Travelling expenses of a partner

Question 258:

• WAEC 1994

Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued

A. N3,460
B. N5,620
C. N14,170
D. N16,330
E. N18,490

Question 259:

• WAEC 1994

The excess of current assets over current liabilities is

A. Fixed capital
B. Registered capital
C. Nominal capital
D. Paid-up capital
E. Working capital

Question 260:

• WAEC 1994

Rate of stock turnover is defined as

A. Purchases over stock
B. Cost of goods available for sale over total of opening and closing stock
C. Cost of goods available for sale ovet total of opening and closing stock
D. Cost of goods sold over total opening and closing stock
E. Cost of goods sold over average stock