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Accounts - Principles of Accounts 1998 WAEC Past Questions

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46
Carriage outwards is the amount spent on transporting
  • A. goods sold
  • B. goods purchased
  • C. goods returned to stock
  • D. excess stock
  • E. goods for manufacture
View Answer & Discuss WAEC 1998
47
Discount allowed is charged to
  • A. profit and loss appropriation account
  • B. manufacturing account
  • C. trading account
  • D. profit and loss account
  • E. current account
View Answer & Discuss WAEC 1998
48
The loss made by a non-trading organization is called
  • A. surplus
  • B. drawing
  • C. deficit
  • D. shortage
  • E. discount
View Answer & Discuss WAEC 1998
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49
Which of the following is true in Public sector accounting? Cost of assets is
  • A. depreciated on straight line method
  • B. depreciated on reducing balance method
  • C. expensed in the year of purchase
  • D. charged to federation account
  • E. not recognized in any form
View Answer & Discuss WAEC 1998
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