Waec Accounts - Principles of Accounts Questions
Question 101:
Reccurrent expenditure of government is paid from
- A Reserved fund
- B Consolidated revenue fund
- C Development fund
- D Contigencies fund
- E Personal fund
Question 102:
Which of the following is related to debtors account?
- A Purchases ledger
- B General ledger
- C Norminal lesger
- D Sales ledger
- E Private ledger
Question 103:
The price paid for the purchase of for the purchase of a business is
- A Debited to the cash account and credited to the vendor's account
- B Credited to the cash account and debited to the vendor's account
- C Credited to the business purchases account and debited to the assets account
- D Debited to the business purchase account and credited to the assets account
- E Credited to the cash account and debited to the assets account
Question 104:
Depreciation is
- A A charge for the wear and tear of a fixed asset
- B The cost of replacing a fixed asset
- C The loss incurred on the sale of a fixed asset
- D The cost of repairs incurred on a fixed asset
- E The increase in value of a fixed asset
Question 105:
Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date
- A I
- B Ii
- C Iii
- D I and ii
- E I and iii