Waec Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 6:

• WAEC 2012

A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit

A. Asset account credit purchase account
B. Asset account credit capital account
C. Capital account credit asset account
D. Capital account credit profit and loss account

Question 7:

• WAEC 2012

Which of the following is a book of ordinary entry?

A. Ledger
B. Balance sheet
C. Bank statement
D. Sales journal

Question 8:

• WAEC 2012

A balance sheet shows only

A. Fixed assets and current assets
B. Assets and long term liabilities
C. Assets and liabilities
D. Assets and capital

Question 9:

• WAEC 2012

The process of entering transaction from one book to another is

A. Reading
B. Posting
C. Numbering
D. Listing

Question 10:

• WAEC 2012

Which of the following is a trading account item?

A. Discount allowed
B. Discount recieved
C. Carriage outwards
D. Carriage inwards