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Accounts - Principles of Accounts 2007 WAEC Past Questions

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21
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as
  • A. current asset
  • B. current liability
  • C. long-term liability
  • D. fixed asset
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22
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a
  • A. fixed asset
  • B. current asset
  • C. current liability
  • D. capital
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23
Which of the following is not a cause of depreciation?
  • A. inflation
  • B. erosion and decay
  • C. wear and tear
  • D. obsolescence
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24
Items on the left-hand side of a total debtors account are debits in the
  • A. purchase ledger
  • B. sales ledger
  • C. general ledger
  • D. journal
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25
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is
  • A. ₦14,078
  • B. ₦10,290
  • C. ₦8,520
  • D. ₦3,554
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