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Accounts - Principles of Accounts Past Questions

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1641
Partners salary is shown in the
  • A. trading account
  • B. profit and loss account
  • C. income and expenditure
  • D. profit and loss appropriation account
  • E. partner's capital account
View Answer & Discuss WAEC 1998
1642
Which of the following is the personal ledger?
  • A. assets account
  • B. discount allowed account
  • C. sales account
  • D. discount received account
  • E. debtors account
View Answer & Discuss WAEC 1998
1643
Which of the following has a debit balance? i. calls-in-arrears ii. cash-in-advance iii. share discount
  • A. i
  • B. ii
  • C. iii
  • D. ii and iii
View Answer & Discuss WAEC 1998
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1644
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current assets is
  • A. N68,300
  • B. N57,000
  • C. N40,300
  • D. N39,500
  • E. N34,000
View Answer & Discuss WAEC 1998
1645
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current liabilities is
  • A. N56,5000
  • B. N40,300
  • C. N39,500
  • D. N28,000
  • E. N22,000
View Answer & Discuss WAEC 1998
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