Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1491
Commission of N5,000 to a sales representative is debited to salaries account. This is an error of
  • A. reversal of entries
  • B. principle
  • C. commission
  • D. compensation
View Answer & Discuss WAEC 2001
1492
Purchase of goods of N2,000 was treated as sales and entered in the sales day book and had been carried through the account as such. This error of
  • A. principle
  • B. omission
  • C. reversal of entries
  • D. original entries
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1493
Which of the following is not correct?
  • A. increases in asset accounts are entered on the debit side
  • B. decreases in assets accounts are entered on the credit side
  • C. increases in liability accounts are entered on the credit side
  • D. decreases in liability accounts are entered on the credit side
View Answer & Discuss WAEC 2001
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1494
A business firm incurs labour cost in installing machinery. This should be treated as
  • A. salaries account
  • B. machinery account
  • C. debtors account
  • D. creditors account
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1495
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \hline \text{Motor Van} & 120,000\\ \text{Buildings} & 300,000 \\ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The capital of the business is
  • A. N520,000
  • B. N500,000
  • C. N480,000
  • D. N460,000
View Answer & Discuss WAEC 2001
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