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Accounts - Principles of Accounts 2002 WAEC Past Questions

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41
Depreciation is
  • A. cost of repairs incurred on a fixed asset
  • B. a charge for the wear and tear of fixed assets
  • C. the cost incurred on replacing a fixed asset
  • D. provision for loss of fixed asset
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42
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is carried in the Balance Sheet at 31st December, 2000?
  • A. N45,000
  • B. N12,000
  • C. N9,000
  • D. N4,500
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43
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. The amount carried in the Balance sheet is classified as
  • A. current asset
  • B. current liability
  • C. capital
  • D. long-term liability
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44
The total amount of money set aside for a particular purpose by government is
  • A. fund
  • B. vote
  • C. virement
  • D. budget
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45
"Accountants do not count chickens before they are climbed". This is the concept of
  • A. accrual
  • B. materiality
  • C. realisation
  • D. going-concern
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