Waec Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 11:

• 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
Adjusted Cash Book balance is

A. N3,800 O/D
B. N3,310 O/D
C. N3,030 O/D
D. N2,540 O/D

Question 12:

• WAEC 2005

A debit balance of N1,000 in cash account means that

A. Cash in hand is N1,000
B. Cash has been overspent by N1,000
C. Total cash paid out is N1,000
D. Total cash received was less by N1,000

Question 13:

• WAEC 2005

The maximum level of cash held by by a cashier under an imprest system is a/an

A. Vote
B. Float
C. Reimburstment
D. Advance

Question 14:

• WAEC 2005

The total of the sales journal is entered on the

A. Debit side of sales account
B. Debit side of cash account
C. Credit side of sales account
D. Credit side of cash account

Question 15:

• WAEC 2005

Gross profit is calculated in the

A. Trading account
B. Profit and loss account
C. Appropriation account
D. Partners current account