Waec Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 6:

• WAEC 2013

A credit balance is

A. A liability or an expense
B. An expenditure or an income
C. An asset or an expense
D. An income

Question 7:

• WAEC 2013

The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing

A. I, ii, iii and iv
B. Ii, iii, i and iv
C. Iii, i, ii and iv
D. Iv, iii, ii and iv

Question 8:

• WAEC 2013

A dishonored cheque is

A. Debited in cash book
B. Credited in the cash book
C. Double entry in the cash book
D. Credited in the bank book

Question 9:

• WAEC 2013

A petty cashier received a float of GHC 84. The imprest is

A. GHC 204
B. GHC 120
C. GHC 84
D. GHC 36

Question 10:

• WAEC 2013

Which of the following is not a book of original entry?

A. Cash book
B. Purchases ledger returns
C. Returns outwards journal
D. General journal