Waec Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 11:

• WAEC 1999

Profit expressed as a proportion of cost price is

A. Gross profit
B. Mark-up
C. Margin
D. Profit percentage

Question 12:

• WAEC 1999

Which of the following will not make a trial balance total to agree?

A. Incomplete posting in the ledger accounts
B. Double entry for each transaction
C. Omission of a trabsaction from the ledger
D. Wrong entry of correct amount into different groups of accounts

Question 13:

• WAEC 1999

Deferred charges are also known as

A. Prepayment
B. Accrued expenses
C. Accruals
D. Deferred income

Question 14:

• WAEC 1999

The vote book in governmental accounting is used to

A. Register the name of voters
B. Control expenditure
C. Record government revenue
D. Record taxes paid

Question 15:

• WAEC 1999

Use the following information to answer the
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
The cash in hand on 31st July is

A. N2,220
B. N2,078
C. N1,642
D. N578