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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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1741
Which of the following entries would be made for goods bought and paid for immediately? Debit
  • A. cash account, credit sales account
  • B. purchases account; credit cash account
  • C. cash account; credit purchases account
  • D. purchases account; credit sales account
  • E. purchases account; credit goods account
View Answer & Discuss WAEC 1996
1742
The purpose of a trading account is to ascertain
  • A. sales
  • B. gross profit or loss
  • C. net profit or loss
  • D. carriage outwarrds
  • E. appropriated profit
View Answer & Discuss WAEC 1996
1743
which of the following is not an Appropriation account item for a company?
  • A. inerest on drawings
  • B. proposed dividends
  • C. interim dividends
  • D. provision for taxation
  • E. General reserve
View Answer & Discuss WAEC 1996
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1744
Factory wages are always entered into the
  • A. sales account
  • B. manufacturing account
  • C. profit ans loss account
  • D. trading account
  • E. trading account
View Answer & Discuss WAEC 1996
1745
The payee of a cheque is the
  • A. drawer's banker
  • B. drawee's banker
  • C. person naned to receive the amount on the cheque
  • D. bank cashier
  • E. drawer
View Answer & Discuss WAEC 1996
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