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Accounts - Principles of Accounts Past Questions

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851

The accounting treatment for a dishonored cheque is; debit

  • A. customer's account; credit bank account
  • B. bank account; credit customer's account
  • C. customer's account; credit sales account
  • D. sales account; credit customer account
View Answer & Discuss WAEC 2014
852

Net turnover is referred to as

  • A. purchases
  • B. assets
  • C. sales
  • D. profits
View Answer & Discuss (1) WAEC 2014
853

Which of the following transactions will result in disagreement between the cash book and the bank statements?

  • A. selling of goods on credit to a customer
  • B. withdrawal of goods by the proprietor for his personel use
  • C. cheque paid directly into the bank account by a customer
  • D. omission of purchases received from a supplier on credit
View Answer & Discuss (1) WAEC 2014
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854

Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is

  • A. an error of omission
  • B. a compensating error
  • C. an error of commision
  • D. an error of principal
View Answer & Discuss (2) WAEC 2014
855

Which of the following is used to record the disposal of a fixed asset?

  • A. journal proper
  • B. petty cash book
  • C. sales day book
  • D. purchase day book
View Answer & Discuss WAEC 2014
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