Waec Accounts - Principles of Accounts Past Questions and Answers

Question 421:

• WAEC 1998

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Recurrent expenditure of the year was

A. N170,000
B. N130,000
C. N120,000
D. N100,000
E. N80,000

Question 422:

• WAEC 1998

Which of the following is a recurrent expenditure to a Local Government Council?

A. Building classroom
B. Sinking of wells
C. Purchase of drugs
D. Construction of markets
E. Purchase of hospital beds

Question 423:

• WAEC 1998

Which of the following is an example of production overhead?

A. Discount allowed
B. Carried inwards
C. Factory rent
D. Carriage outwards
E. Depreciation of office equipment

Question 424:

• WAEC 1998

The double entries for refund of unsuccessful application monies are, debit

A. Application for shares account, credit bank account
B. Bank account, credit application for shares account
C. Allotment account, credit application for shares account
D. Allotment account, credit bank account
E. Cash account, credit bank account

Question 425:

• WAEC 1998

Rent paid during 1995 was N2,000 while rent paid at 31st December, 1995 was

A. N2,400
B. N2,200
C. N2,000
D. N1,800
E. N200