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Accounts - Principles of Accounts 2019 WAEC Past Questions

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NECO offline past questions - All questions, answers & explanations in one app 25712
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16

ln a not-for-profit organization, the accumulated fund is

  • A. current assets plus fixed assets less total liabilities
  • B. long-term liabilities plus current liabilities
  • C. fixed assets plus current assets plus long-term liabilities
  • D. fixed assets less long-term liabilities less current liabilities
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17

Use the following information to answer questions the question below
                         01/01/17    31/12/17
Trade creditors   630,000    780,000
Stock                 540,000     480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

The cost of goods sold was? 

  • A. N3,330,000
  • B. N2,910,000
  • C. N2,760,000
  • D. N2,610,000
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18

Use the following information to answer questions the question below
                         01/01/17    31/12/17
Trade creditors   630,000    780,000
Stock                 540,000     480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

What was the purchase for 2017

  • A. N3,480,000
  • B. N2,850,000
  • C. N2,700,000
  • D. -N2,550,000
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NECO offline past questions - All questions, answers & explanations in one app 25712
19

In public sector accounting, salaries of employees are classified as 

  • A. capital expenditure
  • B. capital receipt.
  • C. recurrent expenditure
  • D. recurrent receipt
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20

Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri s books are: debit

  • A. Bank Account; credit Suleman's Account
  • B. Bank Account, credit Debtors Account
  • C. Suleman's Account; credit Bank Account
  • D. Suleman's Account; credit Cash Account
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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