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Accounts - Principles of Accounts 1994 WAEC Past Questions

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1
Which of the following statements is not valid?
  • A. provision for bad debts is deducted from debtors total in the Balance sheet
  • B. An increase in provision for bad debts appears on the debi side of the profit and loss account
  • C. a decrease in the provison for bad debts appears on the credit side of profit and loss accoun
  • D. the bas debt account is closed to the debit side of the profit and loss account
  • E. bad debt is a deduction from debtors total afte making provision for bad and boughtful debts
View Answer & Discuss WAEC 1994
2
Carriage outwards is charged to the
  • A. debit side of profit and loss account
  • B. credit side of profit and loss account
  • C. credit side of trading account
  • D. debit side of profit and loss Appropritation account
  • E. debit side of Balance under current liabilities
View Answer & Discuss WAEC 1994
3
Where a proprietor withdraws cash from bank for office use, the entries would be
  • A. credit cash account, debit bank account
  • B. debit cash account, credit bank account
  • C. debit officer account, credit bank account
  • D. debit drawings account, credit bank account
  • E. debit bank account, credit drawings account
View Answer & Discuss WAEC 1994
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4
A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are
  • A. debit cash account N5,200, credit suspense account N5,200
  • B. credit cash account N5,200, debit suspense account N5,200
  • C. debit cash account N2,600, credit suspense account N2,600
  • D. credit cash account N2,600, debit suspense account N2,600
  • E. credit cash account N2,600, debit bank account N2,600
View Answer & Discuss WAEC 1994
5
When a buyer is undercharged, the seller forwards
  • A. undercast note
  • B. consignment invoice
  • C. purchases in voice
  • D. debit note
  • E. credit note
View Answer & Discuss WAEC 1994
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