Waec Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 6:

• WAEC 2006

A book that contains the account for the financial transactions of an organizations is the

A. Journal
B. Ledger
C. Folio
D. Register

Question 7:

• WAEC 2006

A sales ledger contains

A. Creditors' accounts
B. Nominal accounts
C. Real acounts
D. Debtors' accounts

Question 8:

• WAEC 2006

The basis of accounting which eliminates debtors and creditors is

A. Cash basis
B. Accral basis
C. Fund basis
D. Commitment basis

Question 9:

• WAEC 2006

Which of the following is not a revenue account?

A. Sales
B. Purchases
C. Discount received
D. Interest received

Question 10:

• WAEC 2006

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
If no profit is to be retained, proposed preference shares dividend is

A. ₦28,000
B. ₦16,000
C. ₦12,000
D. ₦4,000