Waec Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 1:

• WAEC 2011

The two fundamental books of accounting are

A. Return inwards and outwards
B. Journal and ledger
C. Discounts allowed and received
D. Credit note and debit note

Question 2:

• WAEC 2011

The two fundamental books of accounting are

A. Return inwards and outwards
B. Journal and ledger
C. Discounts allowed and received
D. Credit note and debit note

Question 3:

• WAEC 2011

Which of the following is a capital expenditure?

A. Extension of building
B. Repairs of generator
C. Purchase of stock
D. Purchase of stationery

Question 4:

• WAEC 2011

Expenses accured at the end of the accounting year is treated in the balance sheets as

A. Current assets
B. Current liability
C. Ficed assets
D. Long-term liability

Question 5:

• WAEC 2011

Another name for owner's equity is

A. Loan
B. Debtots
C. Capital
D. Overdraft