Accounts - Principles of Accounts 1989 WAEC Past Questions

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When a buyer returns damages goods to the seller, the buyer receives a

A. proforma invoice
B. credit note
C. debit note
D. consiment note
E. goods return note

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Trade discount is

A. allowance for prompt payment
B. allowance for damaged goods
C. allowance off price list
D. discount on creditors
E. discount on debitors

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Pending the location of error, the difference disclosed in the trial balance is normally posted to

A. an adjustment account
B. a control account
C. a suspense account
D. a profit and loss account
E. a trading account

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Which of the following is not true of capital expenditure? i. assets acquired for the purpose of earning income ii. extension of office building iii. it is incurred and its full benefits consumed in one period of account

A. i
B. ii
C. i and ii
D. ii and iii
E. iii

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Which of the following may cause depreciation? i. wear and tear ii. obsolescence and passage of time iii. fluctuation

A. i, ii and iii
B. i and ii
C. i and iii
D. ii and iii
E. iii

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