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Accounts - Principles of Accounts 2003 WAEC Past Questions

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36
Which of the following source documents is used for recording goods and returned to suppliers?
  • A. invoice
  • B. waybill
  • C. debit note
  • D. credit note
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37
In which of the following is purchase of fixed assets on credit first recorders?
  • A. purchases journal
  • B. journal proper
  • C. cash book
  • D. general ledger
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38
In which ledger is the account of yao, a debtor found?
  • A. norminal ledger
  • B. purchases ledger
  • C. general ledger
  • D. sales ledger
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39
A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was
  • A. ₦17,000 profit
  • B. ₦17,000 loss
  • C. ₦16,000 profit
  • D. ₦16,000 loss
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40
A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The net book value at the time of sale was
  • A. N33,000
  • B. N30,000
  • C. N17,000
  • D. N16,000
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