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Accounts - Principles of Accounts Past Questions

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1701
A provision is
  • A. an expense of business to be paid for in cash
  • B. an amount of loss from trading activities
  • C. a loss in value of all business assets
  • D. an expense the amount of which is not certain
  • E. an amount set out of profit for other uses
View Answer & Discuss WAEC 1997
1702
A cash discount is a
  • A. Trading Account item
  • B. Profit and Loss Account item
  • C. Appropriation Account item
  • D. Receipts and Payments Account item
  • E. Balance Sheet item.
View Answer & Discuss WAEC 1997
1703
Use the following information to answer the given question

Kudi Local Government Council incurred the following expenditure in 1995:
\(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\)
The amount of capital expenditure for 1995 was
  • A. N260,000
  • B. N230,000
  • C. N220,000
  • D. N160,00
  • E. N140,000
View Answer & Discuss WAEC 1997
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1704
Use the following information to answer this question

Kudi Local Government Council incurred the following expenditure in 1995:
N
Payment of salaries 140,000
Purchase of drugs for dispensaries 80,000
Purchase of books for Library 30,000
Sinking of wells 70,000
Extension of Council offices 160,000

The amount of revenue expenditure for 1995 was
  • A. N26,000
  • B. N230,00
  • C. N220,000
  • D. N160,000
  • E. 140,000
View Answer & Discuss WAEC 1997
1705
An expense becomes an accrual because it
  • A. is due for payment
  • B. is a Profit and Loss Account item
  • C. is a Trading Account item
  • D. is to be paid within the next one year
  • E. must appear in the balance sheet
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