Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 16:

• WAEC 2007

The total of the discount from creditors is transferred to

A. Credit side of discounts received account
B. Debit side of discounts received account
C. Credit side of discounts allowed account
D. Debit side of discounts allowed account

Question 17:

• WAEC 2007

The total of the discounts is transferred to

A. Credit side of Discounts Received Account
B. Debit side of Discounts received account
C. Credit side of Discounts allowed account
D. Debit side of discounts allowed account

Question 18:

• WAEC 2007

The profit of sole trader increases his

A. Stock
B. Asset
C. Liability
D. Capial

Question 19:

• WAEC 2007

Use following information to answer the given
\(\begin{array}{c|c} & ₦\\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The adjusted balance as per cash book is

A. ₦10,800 Cr
B. ₦5,800Cr
C. ₦5,800Dr
D. ₦10,800Dr

Question 20:

• WAEC 2007

Use following information to answer the given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The balance as per bank statement is

A. ₦8,000Cr
B. ₦6,000Cr
C. ₦6,00Dr
D. ₦8,000Dr