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Accounts - Principles of Accounts 2005 WAEC Past Questions

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11
A debit balance of N1,000 in cash account means that
  • A. cash in hand is N1,000
  • B. cash has been overspent by N1,000
  • C. total cash paid out is N1,000
  • D. total cash received was less by N1,000
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12
The maximum level of cash held by by a cashier under an imprest system is a/an
  • A. vote
  • B. float
  • C. reimburstment
  • D. advance
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13
The total of the sales journal is entered on the
  • A. debit side of sales account
  • B. debit side of cash account
  • C. credit side of sales account
  • D. credit side of cash account
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14
Gross profit is calculated in the
  • A. trading account
  • B. profit and loss account
  • C. appropriation account
  • D. partners current account
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15
An example of fixed asset is
  • A. creditors
  • B. goodwill
  • C. accruals
  • D. furniture
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