Waec Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 1:

• WAEC 1998

Which of the following is the least liquid?

A. Stock
B. Debtors
C. Bills receivable
D. Payment machinery

Question 2:

• WAEC 1998

Which of the following is the least liquid?

A. Stock
B. Debtors
C. Bills receivable
D. Payment machinery

Question 3:

• WAEC 1998

Opening stock + Purchases + carriage inwards is equal to

A. Total sales
B. Cost of goods sold
C. Cost of goods available for sale
D. Gross profit
E. Prime cost

Question 4:

• WAEC 1998

Which of the following is a source of the local government Revenue?

A. Personal income tax
B. Sales of armed forces property
C. Repayment (state)
D. Repayment (Interest and General)
E. Market rates

Question 5:

• WAEC 1998

The accountant general disburses government fund by the use of

A. A voucher
B. A warrant
C. An estimate
D. A vote
E. Aa provision