Waec Accounting Past Questions For Year 1997
Question 6
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
- A. undercasting of purchase
- B. overcasting of purchases
- C. original entry
- D. transportation of returns outwards
- E. omission of creditor's balance
Question 7
Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
Accumulated depreciation at the time of sale was
- A. N16,000
- B. N14,000
- C. N12,000
- D. N8,000
- E. N6,000
Question 8
Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The net book value at the time of sale was
- A. N16,000
- B. N14,000
- C. N12,000
- D. N8,000
- E. N6,000
Question 9
Which of the following is a normal account?
- A. Machinery
- B. Debtors
- C. Creditors
- D. Salaries
- E. Goodwill
Question 10
In a partnership goodwill is recognized when
- A. a new partner is admitted
- B. a partner is dormant
- C. the business is making huge profit
- D. the business has good customer relations
- E. it is a limited partnership
