Waec Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 1:

• WAEC 2005

The systematic recording of business transactions is

A. Auditing
B. Book-keeping
C. Debiting
D. Crediting

Question 2:

• WAEC 2005

The systematic recording of business transactions is

A. Auditing
B. Book-keeping
C. Debiting
D. Crediting

Question 3:

• WAEC 2005

An allowance given to a customer by a supplier for prompt payment is

A. Trade discount
B. Discount received
C. Cash discount
D. Cash rebate

Question 4:

• WAEC 2005

Which of the following is not contained in a journal? To record

A. Small and repetive cash disbursemens
B. Purchase and sale of fixed assets on credit
C. Writing off bad debts
D. Debtors and creditors

Question 5:

• WAEC 2005

A trial balance is a list of

A. Current assets
B. Current liabilities
C. Debit and credit balances
D. Debtors and creditors