Waec Accounts - Principles of Accounts Past Questions and Answers

Question 476:

• WAEC 1999

Which of the following entries is made damaged goods are returned to the supplier?

A. Supplier's account is debited and the purchasers account credited
B. Returns outwards account is debited and the supplier's account credited
C. Purchaser's Account is debited and the supplier's account credited
D. Supplier's account is debited and the returns Outwards Account creddited

Question 477:

• WAEC 1999

A balance sheet is a

A. Form of trading account
B. Proof of arithmetical accuracy of postings
C. Statement showing profits at a certain date
D. Statement showing assets and liabilities at a cretain date

Question 478:

• WAEC 1999

Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?

A. N1,000
B. N960
C. N933
D. N820

Question 479:

• WAEC 1999

Recurrent expenditure of government is paid from

A. Contingenecies fund
B. Reserve fund
C. Development fund
D. Consilidated fund

Question 480:

• WAEC 1999

A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as

A. Certificate
B. Agreement
C. Bank loan
D. Debenture