Waec Accounts - Principles of Accounts Past Questions and Answers

Question 276:

• WAEC 1994

John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?

A. Debit plant account, credit current account
B. Debit current account, credit plant account
C. Credit plannt account, credit profit and loss account
D. Debit profit and loss account, credit plant account
E. Debit plant account, credit capital account

Question 277:

• WAEC 1994

Patent and Trade mark are classified under

A. Fixed assets
B. Current assets
C. Intangible assets
D. Wasting assets
E. Investments

Question 278:

• WAEC 1994

A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. Using the straight line method, what was the amount of depreciation charged per annum?

A. N1,313
B. N1,406
C. N1,625
D. N1,750
E. N1,875

Question 279:

• WAEC 1994

A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500, Using the reducing balance method, what is the amount of depreciation for the second year?

A. N1,313
B. N1,4066
C. N1,625
D. N1,750
E. N1,875

Question 280:

• WAEC 1994

A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method

A. N3,250
B. N3,562
C. N3,656
D. N3,750
E. N4,062