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Accounts - Principles of Accounts 1989 WAEC Past Questions

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16
Discount allowed would appear on the
  • A. debit side of sales control account and the credit side of purchases control account
  • B. debit side of sales ledger control account only
  • C. debit side of purchases ledger control account
  • D. credit side of the sales ledger control account
  • E. credit-side of the purchases ledger control account
View Answer & Discuss WAEC 1989
17
The balance the provision for depreciation account is shown in the
  • A. trial balance as a debit
  • B. trial balance as a credit
  • C. balance sheet as a fixed asset
  • D. balance sheet as a long term liability
  • E. balance sheet as a current liability
View Answer & Discuss WAEC 1989
18
The concept of Double Entry Book-Keeping states that
  • A. if you receive goods on credit the seller becomes your creditor
  • B. for every debit entry there must be a corresponding credit entry
  • C. one party receives and another party gives value
  • D. purchases and sales are stated separately
  • E. for every seller there is a buyer
View Answer & Discuss WAEC 1989
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19
Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
  • A. both the liability and asset are increased
  • B. both the liability and asset are decreased
  • C. liability is increased while the asset is decreased
  • D. liability is decreased while the asset is increased
  • E. both liability and asset remain unchanged
View Answer & Discuss WAEC 1989
20
Which of the following in a classified form contains a permanent record of all transactions? The
  • A. sales day book
  • B. cash book
  • C. ledger
  • D. journal
  • E. purchases day book
View Answer & Discuss WAEC 1989
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