Accounts - Principles of Accounts 2001 WAEC Past Questions

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The depreciation method that allocates higher value to the use of an asset in its earlier years is

A. dinimishing balance method
B. revaluation method
C. fixed instalment method
D. straight line method

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Given a purchases invoice showing 5 items at N40,000 each less trade discount of 25% and cash discount of 10% the amount to be paid within the credit period is

A. N200,000
B. N180,000
C. N135,000
D. N75,000

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The purchases Ledger control Account is also referred to as

A. Total creditors Accounts
B. Total ebitors Account
C. Cash Account
D. Personal Account

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Which of the following is a primary source of entry into the debtors ledger?

A. suppliers invoice
B. returns outward notes
C. sales invoices
D. payment vochers

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Which of the following is a primary source of entry into the debtors ledger?

A. suppliers invoice
B. returns outwards notes
C. sales invoices
D. payment vouchers

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Accounts - Principles of Accounts 2001 WAEC Past Questions

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