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Accounts - Principles of Accounts Past Questions

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1696
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 double entry required for the mark-up is debit Branch
  • A. Sales Account, credit Branch Adjustment Account
  • B. Adjustment Accoutnt, credit Branch Stock Account
  • C. Stock Account, credit Branch Adjustment Account
  • D. Adjustment Account, credit Branch Profit and Loss Account
  • E. Profit and Lost Account, credit Branch Stock Account
View Answer & Discuss WAEC 1997
1697
A ledger is a
  • A. book of accounts
  • B. summary of entries
  • C. book of original entry
  • D. double entry posting
  • E. record of credit transactions
View Answer & Discuss WAEC 1997
1698
A real account is the account of
  • A. expenses or losses
  • B. gains or income
  • C. physical tangible items
  • D. fictitious items
  • E. current liabilities
View Answer & Discuss WAEC 1997
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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1699
An item is fictitious because it
  • A. does not exist
  • B. is too costly
  • C. is worthless
  • D. cannot be sold for cash
  • E. is bought on credit
View Answer & Discuss WAEC 1997
1700
Which of the following is not a personal account?
  • A. Bolaji Account
  • B. Drawings Account
  • C. P.Z. Plc Account
  • D. Cash Account
  • E. Acada Club Account?
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