Waec Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 41:

• WAEC 2011

Use the following information to answer the given question.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
the total cash received from customer is

A. D68,942
B. D60,000
C. D43,220
D. D41,336

Question 42:

• WAEC 2011

The process of recording financial transactions of government is

A. Management accounting
B. Financial accounting
C. Cost accounting
D. Public sector accounting

Question 43:

• WAEC 2011

The bank statement shows a debit balance of Le 475. After the entry of an uncredited of Le Le 800, the new balance is

A. Le 325 overdraft
B. Le 325
C. Le 1,275
D. Le 1,275 overdraft

Question 44:

• WAEC 2011

The business entity concept

A. Seperates the owner's transactions from the business transactions
B. Records transactions outside the business
C. Does not seperate the owner's trasactions from the business transactions
D. Involves other business transactions

Question 45:

• WAEC 2011

Which of the following is not used in Public accounting?

A. Cash book
B. Trial balance
C. Profit and loss account
D. Bank reconciliation statement