Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• WAEC 1989

The bank column in the cash book shows a credit balance of N180. This means

A. A total payment of N180
B. A gross receipt of N180
C. A left over of N180 in the bank
D. An overdraft of N180
E. A left over of N180 cash

Question 2:

• WAEC 1989

The bank column in the cash book shows a credit balance of N180. This means

A. A total payment of N180
B. A gross receipt of N180
C. A left over of N180 in the bank
D. An overdraft of N180
E. A left over of N180 cash

Question 3:

• WAEC 1989

T. Trader sets aside from his private funds n1,500 for business purposes. The N1.500 would be referred to as

A. Capital
B. Loan
C. Reserve
D. Drawings
E. Profit

Question 4:

• WAEC 1989

When goods are sold for cash the credit entry goes to the

A. Trader's account
B. Cash book
C. Purchases account
D. Sales account
E. Customers account

Question 5:

• WAEC 1989

The sales account is written up from

A. Cash sales to customers only
B. Credit sales to customers only
C. Credit sales less cash sales
D. Cash sales less cash discounts
E. Both credit and cash sales