Waec Accounts - Principles of Accounts 1991 Past Questions and Answers

Question 16:

• WAEC 1991

The authority of the accountant-General to disburse from government fund is called

A. Voucher
B. Warrant
C. Estimate
D. Provision
E. Vote

Question 17:

• WAEC 1991

Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance

A. I
B. Ii
C. Iii
D. I and ii
E. Ii and iii

Question 18:

• WAEC 1991

If the Opening stock is undervalued

A. Goods available would be understated and gross profit overstated
B. Goods available and gross profit would be understates
C. Goods available would be overstated and gross profit understated
D. Gross profit and goods available would be overstated
E. Cost of goods sold would be overstated

Question 19:

• WAEC 1991

Capital is the

A. Liability of tthe business to its proprietor
B. Money owed by the company to others
C. Money owed to the company by others
D. Total of the long-term liabilities
E. Total of the short-term liaqbilities

Question 20:

• WAEC 1991

Carriage outwards is accounting term for amount spent on

A. Goods purchased
B. Goods sold
C. Excess stock
D. Goods for production
E. Goods returned to stock