Waec Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 1:

• WAEC 2008

Which of the following is the basis accounting equation?

A. Assets = capital + liabilities
B. Capital = assets + liabilities
C. Liabilities = assets + capital
D. Assets = liabilities + equity

Question 2:

• WAEC 2008

Which of the following is the basis accounting equation?

A. Assets = capital + liabilities
B. Capital = assets + liabilities
C. Liabilities = assets + capital
D. Assets = liabilities + equity

Question 3:

• WAEC 2008

A sales Day book is used for recording

A. Credit sales
B. Sales returns
C. Hire purchase
D. Cash sales

Question 4:

• WAEC 2008

An analytical cash book is used to

A. Indicate source of cash received
B. Categorise petty cash payment
C. Separate cash and bank balance
D. Analyse amounts due from debtors

Question 5:

• WAEC 2008

Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?

A. Business entity
B. Realization
C. Going concern
D. Sual-aspect