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Accounts - Principles of Accounts 1990 WAEC Past Questions

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1
Prof. Bush had two accounts with Olive Brother agreed to have only one balance outstanding. By which of the following methods could this be effected?
  • A. Journal entry
  • B. double entry
  • C. suspense account entry
  • D. adjustment entry
  • E. contra entry
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2
A trial balance is a proof of
  • A. arithmetical accuracy of postings only
  • B. accurate narration of the journa entries
  • C. accuracy of the debt entry
  • D. accuracy of the credit entry
  • E. accuracy of ledger entries
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3
Which of the following is not true of revenue expenditure? i. It is incurred in one period of account. ii. its full benefits are consumed in the period incurred. iii. it includes items for replacement and repairs iv. it does not include depreciation
  • A. i
  • B. i and ii
  • C. ii
  • D. iii
  • E. iv
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4
Which of the following does not belong to the group?
  • A. straight line
  • B. insurance policy
  • C. diminishing balance
  • D. reducing balance
  • E. accumulated depreciation
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5
Prime cost consist of
  • A. factory cost and cost of material
  • B. overhead cost and direct cost
  • C. direct expenses, direct labour and direct material
  • D. direct expenses and direct labour
  • E. cost of sale factory cost and cost of materials
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