WAEC Accounting Past Questions & Answers - Page 255

1,272.

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was

A.

₦17,000 profit

B.

₦17,000 loss

C.

₦16,000 profit

D.

₦16,000 loss

Correct answer is B

No explanation has been provided for this answer.

1,273.

In which ledger is the account of yao, a debtor found?

A.

Nominal ledger

B.

Purchases ledger

C.

General ledger

D.

Sales ledger

Correct answer is D

No explanation has been provided for this answer.

1,274.

In which of the following is purchase of fixed assets on credit first recorders?

A.

Purchases journal

B.

Journal proper

C.

Cash book

D.

General ledger

Correct answer is B

No explanation has been provided for this answer.

1,275.

Which of the following source documents is used for recording goods and returned to suppliers?

A.

Invoice

B.

Waybill

C.

Debit note

D.

Credit note

Correct answer is C

No explanation has been provided for this answer.