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Accounts - Principles of Accounts Past Questions

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1716
Which of the following serves the same purpose as a Trading Account?
  • A. Branch Adjustment Account
  • B. Goods sent to Branch Accout
  • C. Branch Stock Account
  • D. Branch Debtors Account
  • E. Branch Returns Account
View Answer & Discuss WAEC 1997
1717
Which of the following is not a revenue receipt?
  • A. Receipt from sales of goods
  • B. Rent from premises sublet
  • C. Interest on savings account
  • D. cash on sale of fixed asset
  • E. Receipt from trade debtors
View Answer & Discuss WAEC 1997
1718
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balance b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
How much "X" ?
  • A. N3,480
  • B. N2,520
  • C. N1,800
  • D. N1,320
  • E. N1,200
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
1719
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
"Y" represents
  • A. sales
  • B. purchases
  • C. returns outwards
  • D. return inwards
  • E. discount allowed
View Answer & Discuss WAEC 1997
1720
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
The balance of 450 in the above accounts represents
  • A. trading account item
  • B. profit and loss account item
  • C. current asset
  • D. current liability
  • E. provision for discount on creditors
View Answer & Discuss WAEC 1997
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