WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208

Accounts - Principles of Accounts Past Questions

Clear Selections
Change Subject Post a Question Check Syllabus Study My Bookmarks Past Questions Videos Watch Video Lessons Download App

Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
2491
One of the options below have the same features as the profit and loss account in non-profit organization
  • A. Income and expenditure account
  • B. profit and loss account
  • C. receipts and payment account
  • D. Non profit account
View Answer & Discuss (1) JAMB 2017
2492
Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)
  • A. ₦12,000
  • B. ₦15,000
  • C. ₦16,000
  • D. ₦9,000
View Answer & Discuss (1) JAMB 2017
2493

An advantage of FIFO method of stock valuation is that

  • A. it serves-as a control during inflation
  • B. it is calculated at the end of the year
  • C. it is progressive in nature
  • D. its flow of cost is in sequence with the flow of stock.
View Answer & Discuss (1) JAMB 2017
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
2494
Discount allowed is enjoyed by
  • A. Managers
  • B. Customers
  • C. Suppliers
  • D. Staff of the company
View Answer & Discuss JAMB 2017
2495

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

Determine the discount allowed by Department A

  • A. ₦5,000
  • B. ₦9,375
  • C. ₦5,625
  • D. ₦8,000
View Answer & Discuss (2) JAMB 2017
Start a Free Practice Test
 
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
WAEC offline past questions - with all answers and explanations in one app - Download for free