WAEC Accounting Past Questions & Answers - Page 248

1,236.

A deduction from the sales price of goods that is allowed if payment is made within a specified period of time

A.

Trade discount

B.

Cash discount

C.

Quantity discount

D.

Rebate

Correct answer is B

No explanation has been provided for this answer.

1,237.

Partner's interest on capital is shown in the

A.

Profit and loss Account

B.

Partners fixed capital account

C.

Profit and loss appropriation account

D.

Trading account

Correct answer is A

No explanation has been provided for this answer.

1,238.

A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of

A.

Accrual

B.

Materiality

C.

Prudence

D.

Going-corncern

Correct answer is B

No explanation has been provided for this answer.

1,239.

The price paid for the purchase of a business is

A.

Credited to cash accounted to cash account and debited to vendor's account

B.

Debited to cash account and credited to Vendor's Account

C.

Debited to business purchase Account and credited to Asset Account

D.

Credited to cash Account and debited to Asset Account

Correct answer is A

No explanation has been provided for this answer.

1,240.

The financial plan of the government for a year is contained in the

A.

Analysis book

B.

Gazette

C.

Budget

D.

Vote

Correct answer is C

No explanation has been provided for this answer.