WAEC Accounting Past Questions & Answers - Page 134

666.

Which of the following is not on debtor's legal control account?

A.

Credit sales

B.

Cash sales

C.

Bills receivable

D.

Dishonoured cheque

E.

Cash received from customers

Correct answer is B

No explanation has been provided for this answer.

667.

Which of the following is not a balance sheet item?

A.

Provision for discount

B.

Outstanding wages

C.

Prepaid rent

D.

Proposed dividend

E.

Dividend received

Correct answer is E

No explanation has been provided for this answer.

668.

The excess of the par value of a company's shares over the amount for what for which they are issued to the public is called

A.

Discount

B.

Profit

C.

Loss

D.

Premium

E.

Reserve

Correct answer is D

No explanation has been provided for this answer.

670.

When provision is made for doubtful debt, the accounting entries are debit

 

A.

Profit and loss account, credit debtors account

B.

Debtors account, credit trading account

C.

Profit and loss account, credit sales account

D.

Trading account, credit debtors account

E.

Profit and loss account, credit provision for doubtful debt account

Correct answer is A

No explanation has been provided for this answer.