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Accounts - Principles of Accounts 2015 WAEC Past Questions

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21

Which of the following is not a method of depreciating fixed assets?

  • A. Revaluation
  • B. Straight Line
  • C. Diminishing balance
  • D. Obsolescence
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22

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

  • A. Current liability
  • B. Expenses
  • C. Income
  • D. Current asset
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23

The process of using sales ledger balance to cancel off purchases ledger balance is

  • A. Balancing
  • B. Set off
  • C. Reconcilation
  • D. Cancelling
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24

Which of the following items is found in the sales ledger control account?

  • A. Discount received
  • B. Total credit purchases
  • C. Discount allowed
  • D. Returns outwards
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25

The total of the returns outwards journal is posted to the

  • A. Credit side of the returns outwards book
  • B. Debit side of the returns outwards account
  • C. Debit side of the purchases returns book
  • D. Credit side of the returns outwards account
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