Waec Accounts - Principles of Accounts Questions
Question 76:
The salary of a shop keeper who sells goods would be charged in the
- A Balance sheet
- B Sales account
- C Profit and loss account
- D Trading account
- E Manufacturing account
Question 77:
Commission received is entered on the
- A Credit side of the profit and loss account
- B Credit side of the trading account
- C Credit side of the cash book
- D Debit side of the profit and loss account
- E Debit side of thetrading account
Question 78:
The balance of the sales account is transferred to the trading account by
- A Debiying the profit and loss account
- B Debiting the trading account
- C Debiting the sales account
- D Crediting the profit and loss account
- E Crediting the sales account
Question 79:
What are the entries of posting credit purchases into the purchases ledger control account?
- A Debt purchases ledger control accoun only
- B Debit both purchases account and purchases ledger control account
- C Credit purchases acount, debit purcases ledger control account
- D Credit both purchases ledger control account and the purchases accunt
- E Debit purchases account, credit purchases ladger control account
Question 80:
When precision for depreciation account is maintained, the annual charge for depreciation shall be
- A Debited to the provision account and credited to profit and loss account
- B Debited to the asset account and credited to profit and loss account
- C Debited to profit and loss account and credited provision account
- D Debited to the asset account and credited to the provisio account
- E Debiited to theprovisiom account and credited to the asser account