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Accounts - Principles of Accounts 2009 WAEC Past Questions

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31
A service which a firm has enjoyed, but has not yet been paid for is
  • A. accured expense
  • B. preliminary expense
  • C. prepaid expense
  • D. overhead expense
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32
Which of the following is not part of the double entry system?
  • A. trading account
  • B. proffit and loss account
  • C. appropriation account
  • D. balance sheet
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33
In the balance sheet, the balance on the provision for Depreciation Account shown as
  • A. addition to fixed assets
  • B. deduction from fixed assets
  • C. addition to capital
  • D. duduction from current liabilies
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34
S. Sule sets aside from his private funds ₦20.000 is referred to as
  • A. drawings
  • B. capital
  • C. loan
  • D. profit
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35
An article cost N1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?
  • A. ₦2,250
  • B. ₦2,160
  • C. ₦1,800
  • D. ₦1,440
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