Waec Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 16:

• WAEC 2013

Reserves account is kept in the

A. Private ledger
B. Creditors ledger
C. Nominal ledger
D. Debtors ledger

Question 17:

• WAEC 2013

The accumulative fund of a non-for-profit making organization is

A. Consistency concept
B. Realization concept
C. Going concern concept
D. Business entity concept

Question 18:

• WAEC 2013

A business is treated as being separated from owners. This statement is emphasized by

A. Consistency concept
B. Realization concept
C. Going concern concept
D. Business entity concept

Question 19:

• WAEC 2013

Which of the following is recorded on the debit side of the Trial Balance?

A. Bank overdrafted
B. Returns outwards
C. Purchases
D. Capital

Question 20:

• WAEC 2013

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Purchases for the year is

A. D32,880
B. D32,780
C. D32,460
D. D31,960