Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 11:

• WAEC 2007

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

A. ₦10,965
B. ₦8,565
C. ₦7,215
D. ₦6,765

Question 12:

• WAEC 2007

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

A. ₦4,650
B. ₦4,200
C. ₦3,750
D. ₦2,400

Question 13:

• WAEC 2007

The total of the sales journal is posted to the

A. Credit side of sales ledger
B. Credit side f sales account
C. Debit side of sales account
D. Debit side of sales account

Question 14:

• WAEC 2007

A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is

A. Debit Rent aount, credit bank account
B. Debit rent account, credit taiwo's account
C. Debit bank account, credit rent account
D. Debit Taiwo's account, credit rent account

Question 15:

• WAEC 2007

The sum of money given to a petty cashier out of which small payments are made is a/an

A. Bonus
B. Loan
C. Advance
D. Float