Waec Accounts - Principles of Accounts Past Questions and Answers

Question 296:

• WAEC 1995

If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of

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

Question 297:

• WAEC 1995

The accounting entries required for increase in provision for doubtful debts are

A. Debit profit and loss account, credit provision for doubtful debts account
B. Credit provision for doubtful debts account; debit profit and loss account
C. Credit trading account; credit provision and doubtful debts account
D. Credit trading trading account; debit provision for doubtful debts account
E. Credit debtor's account; debit provision for doubtful debts account

Question 298:

• WAEC 1995

Subscription in advance is an example of

A. Payment
B. Accual
C. Debtors
D. Provision
E. Reserves

Question 299:

• WAEC 1995

Which of the following is an example of Personal Accounts?

A. Stock
B. Fixture
C. Equiptment
D. Rent
E. Debtors

Question 300:

• WAEC 1995

Working capital is measured by the excess of

A. Current liabilities over current assets
B. Fixed assets over current assets
C. Currents assets over current liabilities
D. Current assets over fixed assets
E. Long term liabilities fixed assets