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Accounts - Principles of Accounts 1992 WAEC Past Questions

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11
Subscription in advance is treated in the balance sheet of a club as
  • A. current liability
  • B. current asset
  • C. fixed asset
  • D. fictitious asset
  • E. intangible asset
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12
Directors' remuneration are recorded in the book as
  • A. revenue expenditure
  • B. appropriaion
  • C. deferred expenditure
  • D. provision
  • E. capital expenditure
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13
In a non-profit oriented organization, the excess of income over expenditure is
  • A. asses ro the capita,l
  • B. added to the accumulated fund
  • C. deducted from the capital
  • D. deduced from the accumulated fund
  • E. deduced from the reserve
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14
Which of the following will not affect the agreement of the cash book balance and bank statement balance?
  • A. bank charges
  • B. standing order
  • C. dishonoured cheque
  • D. cash payment
  • E. unpresented cheques
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15
Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the
  • A. ledger
  • B. principal journal
  • C. cash book
  • D. purchases day book
  • E. sales day book
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