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Accounts - Principles of Accounts 1997 WAEC Past Questions

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1
A suspense account is used to
  • A. agree the trial balance
  • B. recoord sales
  • C. record purchases
  • D. correct errors
  • E. prepare the balance sheet
View Answer & Discuss WAEC 1997
2
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
  • A. undercasting of purchase
  • B. overcasting of purchases
  • C. original entry
  • D. transportation of returns outwards
  • E. omission of creditor's balance
View Answer & Discuss WAEC 1997
3
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
  • A. current asset
  • B. fixed asset
  • C. current liability
  • D. accumulated fund
  • E. goodwill
View Answer & Discuss WAEC 1997
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4
A sales day book is used to record
  • A. cash sales of stock
  • B. credit sales of stock
  • C. cash and credit sales of stock
  • D. cash sales of fixed assets
  • E. credit sales of fixed assets
View Answer & Discuss WAEC 1997
5
Which of the following is not a capital expenditure to a local government?
  • A. beds
  • B. theatre equipment
  • C. incubators
  • D. x-ray machine
  • E. drugs
View Answer & Discuss WAEC 1997
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