Waec Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 1:

• WAEC 2010

Which of the following is not an external user of accounting information?

A. Management
B. Creditors
C. Shareholders
D. Government

Question 2:

• WAEC 2010

Which of the following is not an external user of accounting information?

A. Management
B. Creditors
C. Shareholders
D. Government

Question 3:

• WAEC 2010

A trial balance is prepared to

A. Detect fraud
B. Ascertain losses in a trading period
C. Determine opening capital
D. Test arithmetical accuracy of ledger entries

Question 4:

• WAEC 2010

Which of the following is the reason why a seller allows a customer cash discount?

A. Agreement to become a regular customer
B. Introducing a new customer to the seller
C. Settlement of account within a stated period
D. Placing a larger order

Question 5:

• WAEC 2010

A ledger is a

A. Principal book of accounts
B. Book of original entry
C. Record of credit transactions
D. Summary of entries