Waec Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 1:

• WAEC 2012

The objectively of accounting information is enable users to

A. Prepre the financial statements
B. Value stock
C. Make decisions
D. Prepare budgets

Question 2:

• WAEC 2012

The objectively of accounting information is enable users to

A. Prepre the financial statements
B. Value stock
C. Make decisions
D. Prepare budgets

Question 3:

• WAEC 2012

Trade discounts are given for

A. Bulk purchases
B. Prompt payment
C. Quick delivery
D. Cash payment

Question 4:

• WAEC 2012

When closing stock is overstated, it would reduce,

A. Cost of sales and increase gross profit
B. Gross profit and increase cost of sales
C. Purchases and increases sales
D. Sales and increase purchases

Question 5:

• WAEC 2012

Which of the following is not a source document?

A. Journal paper
B. Sales invoice
C. Debit note
D. Credit note