Waec Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 21:

• WAEC 2011

Subscriptions owed by members of a club is a/an

A. Asset
B. Liability
C. Profit
D. Surplus

Question 22:

• WAEC 2011

The document from which entries are transferred to the purchases day book is the

A. Waybill
B. Credit note
C. Receipt
D. Invoice

Question 23:

• WAEC 2011

Prime cost is derived by adding i. cost of raw materials consumed ii. indirect expenses iii. direct labour iv. factory expenses v. work-in-progress vi. direct expenses

A. I, ii and iv
B. I, iii and vi
C. Iv, v and vi
D. Ii, iii and v

Question 24:

• WAEC 2011

A bookkeeper debited Motor Vehicle Account instead of Motor Expenses Account. This is an error of

A. Commission
B. Original entry
C. Complete reversal of entry
D. Principle

Question 25:

• WAEC 2011

John received a cheque from Dawda, a debtor, in payment for goods purchased by Dawda on credit. The transaction will be recorded in john's

A. Cash book and sals ledger
B. Nominal ledger and sales ledger
C. Cash book and purchases ledger
D. Nominal ledger and purchases ledger