Waec Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 1:

• WAEC 2013

The distinguishing feature between a two-column cash book is

A. Discount column
B. Cash column
C. Bank column
D. Ledger folio

Question 2:

• WAEC 2013

The distinguishing feature between a two-column cash book is

A. Discount column
B. Cash column
C. Bank column
D. Ledger folio

Question 3:

• WAEC 2013

The lodgement of business cash into the business bank account is an example of

A. Contra entry
B. Bank reconciliation
C. Self-balancing ledger
D. Reversal entry

Question 4:

• WAEC 2013

Which of the following is not a characteristic of trial balance?

A. It has columns for debit and credit balances
B. Total of debit balance equals total of credit balance
C. It is a statement
D. It is an account

Question 5:

• WAEC 2013

The capital of a sole trader changes as a result of

A. Paying wages by cash
B. Equipment purchased by cheque
C. Drawing by cheque
D. Purchase on credit