Waec Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 21:

• WAEC 2006

The unit which keeps government's books of accounts is the

A. Central Bank
B. Internal Audit department
C. Treasury Department
D. Accountand General's Department

Question 22:

• WAEC 2006

A customers who returns goods to the supplier because they are detective is issued a

A. Debit note
B. Credit note
C. Delivery note
D. Bank note

Question 23:

• WAEC 2006

Which of the following is not a debit item in a partnership appropriation account?

A. Intereston drawings
B. Partner's salary
C. Interest on partner's capital
D. Share of profit

Question 24:

• WAEC 2006

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Accumulated fund at the beginning of the year was

A. Le 23,500
B. Le 18,500
C. Le 11,500
D. Le 13,000

Question 25:

• WAEC 2006

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Subscriptions credited to the Income and Expenditure Account was

A. Le 23,000
B. Le 18,000
C. Le 16,000
D. Le 13,000