WAEC Accounting Past Questions & Answers - Page 144

716.

A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is carried in the Balance Sheet at 31st December 1990?

A.

N1,350

B.

N1,080

C.

N338

D.

N270

E.

N90

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

717.

A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is charges to the profit and loss account for 1990?

A.

N1,350

B.

N1,080

C.

N338

D.

N270

E.

N90

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

718.

Adex Company Limited issued ordinary shares N1 each to the public at N1.20. The statement were issued at

A.

A discount

B.

A profit

C.

A loss

D.

Par

E.

A premium

View answer & explanation

Correct answer is E

No explanation has been provided for this answer.

719.

Abdul paid off his indebtedness to John by cash. The accounting entries in Abdul's books are: debt

A.

Cash account, credit John's account

B.

Cash account, credit debtors account

C.

John's account, credit cash account

D.

John's account, credit bank account

E.

Abdul's account, credit John's account

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

720.

Which of the following is not a book of prime entry?

A.

Cash book

B.

Purchases day book

C.

Sales day book

D.

Journal paper

E.

Purchases ledger

View answer & explanation

Correct answer is E

No explanation has been provided for this answer.

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