Waec Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 21:

• WAEC 1997

A ledger is a

A. Book of accounts
B. Summary of entries
C. Book of original entry
D. Double entry posting
E. Record of credit transactions

Question 22:

• WAEC 1997

A real account is the account of

A. Expenses or losses
B. Gains or income
C. Physical tangible items
D. Fictitious items
E. Current liabilities

Question 23:

• WAEC 1997

An item is fictitious because it

A. Does not exist
B. Is too costly
C. Is worthless
D. Cannot be sold for cash
E. Is bought on credit

Question 24:

• WAEC 1997

Which of the following is not a personal account?

A. Bolaji Account
B. Drawings Account
C. P.Z. Plc Account
D. Cash Account
E. Acada Club Account?

Question 25:

• WAEC 1997

A provision is

A. An expense of business to be paid for in cash
B. An amount of loss from trading activities
C. A loss in value of all business assets
D. An expense the amount of which is not certain
E. An amount set out of profit for other uses