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Accounts - Principles of Accounts 1995 WAEC Past Questions

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1
Which of the following is the effect of a reduction in the provision for doubtful debts?
  • A. reduction in net profit
  • B. reduction in cash balance
  • C. reduction in gloss profit
  • D. increase in gross profit
  • E. increase in net profit
View Answer & Discuss WAEC 1995
2
Which of the following is the basis of accounting in the Civil Service?
  • A. accrual
  • B. cash
  • C. income
  • D. expenditure
  • E. profit
View Answer & Discuss WAEC 1995
3
The reward given to a debenture holder is called
  • A. profit
  • B. reserve
  • C. premium
  • D. dividend
  • E. interest
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4
Which of the following is not a debit entry on a sales ledger control account?
  • A. goods sold
  • B. cash received
  • C. dishonoured cash
  • D. payment to debtors for claim
  • E. interest charges
View Answer & Discuss WAEC 1995
5
If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of
  • A. ordinary entry
  • B. omission
  • C. commission
  • D. compensation
  • E. principle
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