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Accounts - Principles of Accounts 1998 WAEC Past Questions

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21
Which of the following is/are true? i. depreciation charges increase profits ii. reduction in provision for bad debt increases profit iii. undervalued stock increases profits
  • A. ii and iii
  • B. i and iii
  • C. iii
  • D. ii
  • E. i
View Answer & Discuss WAEC 1998
22
Uche returned goods worth N1,500 to Udo. Uche should receive
  • A. an invoice
  • B. a statement of account
  • C. a debit note
  • D. a credit note
  • E. goods received note
View Answer & Discuss WAEC 1998
23
To realize an asset means to
  • A. close its account in the ledger
  • B. give it out as a collateral
  • C. turn it to cash
  • D. open its account in the ledger
  • E. mortage it
View Answer & Discuss WAEC 1998
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24
When a fixed asset is fully depreciated, its net book value is
  • A. equal to its original cost
  • B. twice its original cost
  • C. equal to its current market value
  • D. the difference between its cost and market value
  • E. equal to zero
View Answer & Discuss WAEC 1998
25
Goods worth N800 was stolen. The double entries are, debit,
  • A. purchases account, credut trading account
  • B. trading account, credit purchases account
  • C. profit and loss account, credit purchases account
  • D. profit and loss account, credit purchases account
  • E. capital account, credit purchasses account
View Answer & Discuss WAEC 1998
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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