Waec Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 6:

• WAEC 2010

Which of the following is not found in a trial balance?

A. Opening stock
B. Closing stock
C. Capital
D. Rent paid

Question 7:

• WAEC 2010

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Cash balance at 5/1/08 is

A. ₦50,000
B. ₦40,000
C. ₦45,000
D. ₦30,000

Question 8:

• WAEC 2010

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in Purchases account at 5/1/08 is

A. ₦23,000
B. ₦18,000
C. ₦10,000
D. ₦8,00

Question 9:

• WAEC 2010

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in the Capital Account at 5/1/08 is

A. ₦60,000
B. ₦50,000
C. ₦35,000
D. ₦5,000

Question 10:

• WAEC 2010

Where a wrong figure occurs in only one account with the second figure correctly stated, this is an error of

A. Transposition
B. Compensation
C. Omission
D. Commission