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Accounts - Principles of Accounts 1999 WAEC Past Questions

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36
Which of the following entries is made damaged goods are returned to the supplier?
  • A. supplier's account is debited and the purchasers account credited
  • B. returns outwards account is debited and the supplier's account credited
  • C. purchaser's Account is debited and the supplier's account credited
  • D. supplier's account is debited and the returns Outwards Account creddited
View Answer & Discuss WAEC 1999
37
A balance sheet is a
  • A. form of trading account
  • B. proof of arithmetical accuracy of postings
  • C. statement showing profits at a certain date
  • D. statement showing assets and liabilities at a cretain date
View Answer & Discuss WAEC 1999
38
Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?
  • A. N1,000
  • B. N960
  • C. N933
  • D. N820
View Answer & Discuss WAEC 1999
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39
Recurrent expenditure of government is paid from
  • A. contingenecies fund
  • B. reserve fund
  • C. development fund
  • D. consilidated fund
View Answer & Discuss WAEC 1999
40
A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as
  • A. certificate
  • B. agreement
  • C. bank loan
  • D. debenture
View Answer & Discuss WAEC 1999
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