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Accounts - Principles of Accounts Past Questions

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1676
The loss made by a non-trading organization is called
  • A. surplus
  • B. drawing
  • C. deficit
  • D. shortage
  • E. discount
View Answer & Discuss WAEC 1998
1677
Which of the following is true in Public sector accounting? Cost of assets is
  • A. depreciated on straight line method
  • B. depreciated on reducing balance method
  • C. expensed in the year of purchase
  • D. charged to federation account
  • E. not recognized in any form
View Answer & Discuss WAEC 1998
1678
A suspense account is used to
  • A. agree the trial balance
  • B. recoord sales
  • C. record purchases
  • D. correct errors
  • E. prepare the balance sheet
View Answer & Discuss WAEC 1997
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1679
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
  • A. undercasting of purchase
  • B. overcasting of purchases
  • C. original entry
  • D. transportation of returns outwards
  • E. omission of creditor's balance
View Answer & Discuss WAEC 1997
1680
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
  • A. current asset
  • B. fixed asset
  • C. current liability
  • D. accumulated fund
  • E. goodwill
View Answer & Discuss WAEC 1997
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts