Waec Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 1:

• WAEC 2002

The accounting equation is

A. Capital less current assets amounts to Liabilities
B. Assets less liabilities amount to capital
C. Fixed assets and current Liabilities amount to capital
D. Capital assets amount t liabilities

Question 2:

• WAEC 2002

The accounting equation is

A. Capital less current assets amounts to Liabilities
B. Assets less liabilities amount to capital
C. Fixed assets and current Liabilities amount to capital
D. Capital assets amount t liabilities

Question 3:

• WAEC 2002

The source document sent by the seller to the buyer when goods are returned is

A. Credit note
B. Purchase invoice
C. Sales invoice
D. Debit invoice

Question 4:

• WAEC 2002

Which of the following is not a liability?

A. Accrued wages
B. Rent arrears
C. Prepayment
D. Insurance due but unpaid

Question 5:

• WAEC 2002

Discounts allowed is charged to

A. Trading account
B. Balance sheet
C. Current account
D. Profit and loss account