Waec Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 21:

• WAEC 2013

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

A. D42,795
B. D42,080
C. D41,580
D. D39,720

Question 22:

• WAEC 2013

Cash receipts and payments involving discounts are entered in

A. Three-column cash book
B. Two-column cash book
C. Analytical cash book
D. Petty cash book

Question 23:

• WAEC 2013

The minimum number of persons required to form a partnership business is

A. 2
B. 3
C. 5
D. 10

Question 24:

• WAEC 2013

Which of the following accounts has credit balance?

A. Return inwards account
B. Machinery account
C. Sales account
D. Cash account

Question 25:

• WAEC 2013

The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the

A. Materiality conccept
B. Matching concept
C. Constitiency concept
D. Realization concept