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Accounts - Principles of Accounts Past Questions

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1901
Which of the following is a Revenue Income?
  • A. the sale proceeds of an old table
  • B. the sale proceeds of shares
  • C. loan refund
  • D. debt recovered
  • E. the sale proceeds of an old typewriter
View Answer & Discuss WAEC 1993
1902
Which of the following is a fictitious asset?
  • A. plant and mechinery
  • B. prepayment
  • C. preliminary expenses
  • D. investment
  • E. fictures and fittings
View Answer & Discuss WAEC 1993
1903

Income received in advance is shown in the balance sheet as

  • A. current asset
  • B. intangible asset
  • C. tangible asset
  • D. long term liabilities
  • E. current liabilities
View Answer & Discuss (1) WAEC 1993
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1904
Gavon. Ltd. failed to record N2,000 wages. The error committed is that of
  • A. omission
  • B. commission
  • C. principle
  • D. compensation
  • E. original entry
View Answer & Discuss WAEC 1993
1905
The excess of current assets over current liabilities is
  • A. authorised capital
  • B. norminal capital
  • C. issed capital
  • D. owners capital
  • E. working capital
View Answer & Discuss WAEC 1993
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