Waec Accounting Past Questions For Year 2014
Question 16
Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account
- A. i, ii and iii only
- B. i, iii and iv only
- C. ii, iii and iv only
- D. iii and iv only
Question 17
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as
- A. an acquisition of fixed asset
- B. an expense in its general office expense account
- C. part of capital in the capital account
- D. an acquisition of stock
Question 18
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000\\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the accumulated depreciation as at 31/12/2013 is
- A. ₦18,500
- B. ₦17,000
- C. ₦16,000
- D. ₦8,000
Question 19
A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?
- A. D33,000
- B. D28,000
- C. D23,000
- D. D5,000
Question 20
When an asset is sold, the entries for the accumulated depreciation are; debit
- A. assets disposal account; credit provision for depreciation account
- B. provision for depreciation account; credit asset disposal account
- C. fixed asset account; credit asset disposal account
- D. asset disposal account; credit fixed asset account
