Accounts - Principles of Accounts 2002 WAEC Past Questions

11

The term bad debt is used to describe

A. a debt that cannot be recovered
B. a debt that is long over due
C. an overcharge on a debtor's account
D. a debt owned by a former employee

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12

The double entry for refund of unsuccessful application monies is debit

A. application for shares account, credit bank account
B. bank account, credit application for shares accoun
C. allotment account, credit bank account
D. cash account, credit bank aaccount

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13

Which of the following is not an accounting concept?

A. entity
B. going-concern
C. consistency
D. historical cost

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14

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was

A. N39,000
B. N16,000
C. N14,000
D. N12,000

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15

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is

A. N48,000
B. N39,000
C. N36,000
D. N21,000

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Accounts - Principles of Accounts 2002 WAEC Past Questions

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