Waec Accounts - Principles of Accounts 1993 Past Questions and Answers

Question 11:

• WAEC 1993

Mark-up on goods sent to branch offices are recorded in the books by creating

A. Stock adjustment account debiting branch stock account
B. Goods sent to branch account and debiting branch stock account
C. Branchh stock account and debiting stock adjustment account
D. Cash account and crediting branch stock account
E. Branch stock account and crediting defalcations account

Question 12:

• WAEC 1993

Cash stolen from branch-taking s is recorded in the Head Office books by debiting

A. Defalcations account and crediting branch stock acccount
B. Mark-up account and crediting branch stock account
C. Defalcations account and crediting profit and loss account
D. Cash account and crediting branch stock account
E. Branch stock account and crediting defalcations account

Question 13:

• WAEC 1993

A trial balance is a proof of accuracy of

A. Transactions
B. Final accounts
C. Double entry in the ledger
D. Trading account
E. Balance sheet

Question 14:

• WAEC 1993

The term bad debts means debts

A. Recorded in wrong account
B. Owed by an employee
C. Paid with fake currency
D. That cannot be collected
E. Owed by a supplier

Question 15:

• WAEC 1993

The equivalent of a club's Receipt and payment account is

A. Cash account
B. Revenue account
C. Trading account
D. Suspense account
E. Profit and loss account