WAEC Accounting Past Questions & Answers - Page 220

1,096.

Which of the following is not a petty cash book item? purchase of

A.

Stationery

B.

Postage stamps

C.

Cutlass for gardeners

D.

Machinery

Correct answer is D

No explanation has been provided for this answer.

1,097.

In computing, ALU stands

A.

Accounting logic unit

B.

Arithmetic logic unit

C.

Access logic unit

D.

Additional liability unit

Correct answer is B

No explanation has been provided for this answer.

1,098.

Profit expressed as a fraction of the selling price is known as

A.

Mark-up

B.

Margin

C.

Gross profit

D.

Net profit

Correct answer is B

No explanation has been provided for this answer.

1,099.

In computing, external storage is called

A.

Backing storage

B.

Logging storage

C.

Primary storage

D.

Extra storage

Correct answer is A

No explanation has been provided for this answer.

1,100.

Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under

 

A.

Current liability

B.

Current asset

C.

Long term liability

D.

Fixes asset

Correct answer is A

No explanation has been provided for this answer.