Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Which of the following is not contained in a journal? To record
Asmall and repetive cash disbursemens
Bpurchase and sale of fixed assets on credit
Cwriting off bad debts
Ddebtors and creditors
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Question 483
waec2005
An allowance given to a customer by a supplier for prompt payment is
Atrade discount
Bdiscount received
Ccash discount
Dcash rebate
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Question 484
waec2005
The systematic recording of business transactions is
Aauditing
Bbook-keeping
Cdebiting
Dcrediting
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Question 485
waec2004
A fixed amount of money set aside for petty expenses is
Aimprest
Bfloat
Creceipt
Dfund
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Question 486
waec2004
The transfer of goods between departments is recorded be debiting
Athe receiveing department and crediting the giving department
Bthe giving department and crediting the receiving department
Cstock account and crediting trading account
Dtrading account and crediting purchases account
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Question 487
waec2004
Which of the following is not a unit of the computer?
Aconsole
Boutput
Ccontrol
Dinput
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Question 488
waec2004
Computer programmes are
Amicro processors
Bsoftware
Chardware
Dmemory
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Question 489
waec2004
Capital at start was N280,000, while at the end of the year was N485,000 and drawings during he year was N15,000. What is profit for the year?
AN265,000
BN220,000
CN205,000
DN190,000
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Question 490
waec2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
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Question 491
waec2004
A statement that measures the performance of a business over a period of time is the
Abalance sheet
Bbank statement
Cfunds flow statement
Dprofit and loss account
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Question 492
waec2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
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Question 493
waec2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
Using reducing balance method at the rate of 20%. What is the depreciation charge for the second year?
AN13,600
BN11,200
CN10,880
DN9,600
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Question 494
waec2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
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Question 495
waec2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?
