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Accounts - Principles of Accounts 1993 WAEC Past Questions

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11
Cash stolen from branch-taking s is recorded in the Head Office books by debiting
  • A. defalcations account and crediting branch stock acccount
  • B. mark-up account and crediting branch stock account
  • C. defalcations account and crediting profit and loss account
  • D. cash account and crediting branch stock account
  • E. branch stock account and crediting defalcations account
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12
A trial balance is a proof of accuracy of
  • A. transactions
  • B. final accounts
  • C. double entry in the ledger
  • D. trading account
  • E. balance sheet
View Answer & Discuss WAEC 1993
13
The term bad debts means debts
  • A. recorded in wrong account
  • B. owed by an employee
  • C. paid with fake currency
  • D. that cannot be collected
  • E. owed by a supplier
View Answer & Discuss WAEC 1993
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14
The equivalent of a club's Receipt and payment account is
  • A. cash account
  • B. revenue account
  • C. trading account
  • D. suspense account
  • E. profit and loss account
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15
Goodwill is
  • A. a current asset
  • B. a current liability
  • C. a long term liability
  • D. a fictitious asset
  • E. an intangible asset
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