Waec Accounts - Principles of Accounts 1992 Past Questions and Answers

Question 1:

• WAEC 1992

Which of the following will a supplier send to a customer whose invoice was undercast?

A. Invoice
B. Debit note
C. Cresit note
D. Cheque
E. Payment voucher

Question 2:

• WAEC 1992

Which of the following will a supplier send to a customer whose invoice was undercast?

A. Invoice
B. Debit note
C. Cresit note
D. Cheque
E. Payment voucher

Question 3:

• WAEC 1992

In which of the following books will trade discount be recorded?

A. Cash book
B. General ledger
C. Purchases day book
D. Invoices
E. Journal voucher

Question 4:

• WAEC 1992

In a manufacturing company, wages paid to operatives increase the value of

A. Urnover
B. Prime cost
C. Gross profit
D. Overhead cost

Question 5:

• WAEC 1992

The accounting equation is

A. Assets and liabilities amount to capital
B. Capital less assets amounts to liabilities
C. Asseta less liabilities amount to capital
D. Capital and assets amounts to liability
E. Fixed assets and current liabilities amount to capital