Waec Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 1:

• WAEC 2009

Which of the following books of original entry is used to record all payments and receipt by cash or cheque?

A. Sales day book
B. Cash book
C. Purchase day book
D. General journal

Question 2:

• WAEC 2009

Which of the following books of original entry is used to record all payments and receipt by cash or cheque?

A. Sales day book
B. Cash book
C. Purchase day book
D. General journal

Question 3:

• WAEC 2009

As a basis for assessing future usage, fixed assets are shown at

A. Selling price
B. Cost price
C. Cost plus residual value
D. Net book value

Question 4:

• WAEC 2009

In the absence of an agreement, partners share profits

A. Based on activeness of a partner
B. Based on capital contribution
C. On patronage basis
D. On equal basis

Question 5:

• WAEC 2009

Subscription prepared by members is recorded in the balance sheet of a club as a

A. Current liability
B. Current asset
C. Fixed asset
D. Long term liability