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Accounts - Principles of Accounts 1991 WAEC Past Questions

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26
A business which converts raw materials to finished goods prepares
  • A. trading account and balance sheet
  • B. profit and loss account and balane sheet
  • C. balance sheet only
  • D. trading profit and loss account and balance sheet
  • E. manufacturing, trading, profit and loss account and balance sheet
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27
Payment of salaries to partners is
  • A. a charge to profit and loss account
  • B. a charge to trading account
  • C. an appropriation of divisible profit
  • D. an appropriation of interest on capital
  • E. an appropriation of interest on current account
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28
Accounting term used to describe the excess of current assets over current liabilities is
  • A. shared capital
  • B. working capital
  • C. sucscribed capital
  • D. reserve capital
  • E. loan capital
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29
A delivery van was bought on credit. The transaction would be entered by the customer first in the
  • A. purchases day book
  • B. sales day book
  • C. returns inwards book
  • D. returns outwards book
  • E. journal proper
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30
Which of the following is not a liability?
  • A. accrued wages
  • B. creditor
  • C. prepayment
  • D. insurance due but unpaid
  • E. rent arrears
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