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Accounts - Principles of Accounts Past Questions

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1106
A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net book value at the time of sales is
  • A. D 64,000
  • B. D 60,000
  • C. D 40,000
  • D. D 36,000
View Answer & Discuss WAEC 2009
1107
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
View Answer & Discuss WAEC 2009
1108
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
View Answer & Discuss WAEC 2009
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1109
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
View Answer & Discuss WAEC 2009
1110
S. Sule sets aside from his private funds ₦20.000 is referred to as
  • A. drawings
  • B. capital
  • C. loan
  • D. profit
View Answer & Discuss WAEC 2009
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