Waec Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 6:

• WAEC 2005

Which of the following is found in the private ledger?

A. Rent account
B. Sales account
C. Drawings account
D. Bank account

Question 7:

• WAEC 2005

Which of the following is not one of the uses of a journal proper? To record

A. Small and repetive cash disbursements
B. Purchases day book
C. Writing off bad debts
D. Debtors and creditors

Question 8:

• WAEC 2005

Which of the following is an example of direct expense?

A. Royalties
B. Carriage inwards
C. Carriage outwards
D. Manufacturing wages

Question 9:

• WAEC 2005

Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled

A. N9,120
B. N7,090
C. N1,400
D. N630

Question 10:

• WAEC 2005

Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
Uncredited cheques totalled

A. N3,500
B. N2,540
C. N1,060
D. N630