Waec Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 1:

• WAEC 1997

A suspense account is used to

A. Agree the trial balance
B. Recoord sales
C. Record purchases
D. Correct errors
E. Prepare the balance sheet

Question 2:

• WAEC 1997

A suspense account is used to

A. Agree the trial balance
B. Recoord sales
C. Record purchases
D. Correct errors
E. Prepare the balance sheet

Question 3:

• WAEC 1997

To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?

A. Undercasting of purchase
B. Overcasting of purchases
C. Original entry
D. Transportation of returns outwards
E. Omission of creditor's balance

Question 4:

• WAEC 1997

Subscription in advance is treated in the Balance sheet of non-profit making organizations as

A. Current asset
B. Fixed asset
C. Current liability
D. Accumulated fund
E. Goodwill

Question 5:

• WAEC 1997

A sales day book is used to record

A. Cash sales of stock
B. Credit sales of stock
C. Cash and credit sales of stock
D. Cash sales of fixed assets
E. Credit sales of fixed assets