Waec Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 11:

• WAEC 2010

Which of the following is added to the proprietor's capital?

A. Net profit
B. Gross profit
C. Net sales
D. Gross sales

Question 12:

• WAEC 2010

The balance in a sales Ledger Counter Account indicates the

A. Difference between debtors and creditors
B. Total sales
C. Total purchases
D. Total debtors

Question 13:

• WAEC 2010

A temporary difference of bank occurs in only one account with the second figure stated, this is an error of

A. Adjustment account
B. Suspense account
C. Imprest account
D. Appropriation account

Question 14:

• WAEC 2010

In the preparation of bank reconciliation statement cheque are

A. Added to the balance as per bank statement
B. Deduced from the the balance as per bank statement
C. Added to the balance as per bank statement
D. Ignored totally

Question 15:

• WAEC 2010

Which of the following is found in the general ledger?

A. Capital account
B. Sales accounts
C. Loan account
D. Drawings account