Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 6:

• WAEC 2007

Financial accounting information is for

A. Internal use only
B. External use only
C. Business use only
D. Internal and external use

Question 7:

• WAEC 2007

Which of the following statements is not true?

A. A trial balance is an account having debit and credit sides
B. Expenses, losses and assets have debit balances
C. Revenues, gains and liabilities have credit balances
D. A trial balance is a list of balances extracted from ledger accounts

Question 8:

• WAEC 2007

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Sales for the year was

A. ₦11,430
B. ₦11,295
C. ₦11,130
D. ₦10,965

Question 9:

• WAEC 2007

Adobaw extracted a trial balance on 31st December 2005 and realized that the total of debit balance exceeded the total of credit balance. Pending investigation the difference should be

A. Debited to suspense account
B. Credited to suspense account
C. Debited to assets accounts
D. Credited to asset account

Question 10:

• WAEC 2007

A debit entry in the cash account and a corresponding credit in Alieu's account indicate a

A. Receipt of cash from alieu
B. Payment of cash to Alieu
C. Sale of goods to Alieu for cash
D. Purchases of goods from alieu for cash