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Accounts - Principles of Accounts 1995 WAEC Past Questions

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21
Which of the following does a consignee prepare and send to his consignor?
  • A. account eceivable
  • B. current account
  • C. account payable
  • D. account sales
  • E. consignment account
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22
In the consignee's record account, the accounting treatment of expenses paid for on behalf of the consignor is debit
  • A. consignee's account, credit cash account, credit cash account
  • B. cash account, credit consignor's account
  • C. consignee's account, credit cash account
  • D. cash account, credit consignee's account
  • E. account sales, credit consignee's account
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23
Which of the following is a fictitious asset?
  • A. preliminary expenses
  • B. fixtures and fittings
  • C. cash in hand
  • D. land and buildings
  • E. investment
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24
Expenditure incurred to maintain an asset's earning capacity is called
  • A. capacity expenditure
  • B. revenue expenditure
  • C. general expenditure
  • D. tangible expenditure
  • E. intangible expenditure
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25
Which of the following does not relate to a manufacturing concern?
  • A. balance sheet
  • B. profit and loss account
  • C. ledger account
  • D. cash book
  • E. income and expenditure
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