Accounts - Principles of Accounts Past Questions

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1691

Which of the following is an advantage of the impurest system?

A. making hig profits in the business
B. Rewarding the imprest holder
C. Easy prearation of the final accounts
D. Meeting small items of expenditure
E. Enabling the Trial Balance to agree

View Answer & Discuss WAEC 1997

1692

Where a business is purchased, the full amount of the purchase consideration is credited to

A. Purchase of Business Account
B. Creditor's Account
C. Vendor's Account
D. Purchaser's Account
E. Debtor's Account

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1693

A financial plan of action expressed in monetary terms is known as

A. imprest
B. consolidated fund
C. warrant
D. budget
E. development fund

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1694

Which of the following is not a source document for recording sales?

A. Debit note
B. Credit note
C. Receipt
D. Sales journal
E. Invoice

View Answer & Discuss WAEC 1997

1695

Use the following information to answer this question

A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods

The mark-up is

A. N15,000
B. N9,000
C. N4,000
D. N3,000
E. N2,000

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Accounts - Principles of Accounts Past Questions

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