Waec Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 6:

• WAEC 2014

Which of the following subsidiary books involves cash movements?

A. Sales day book
B. Purchases day book
C. Returns inwards book
D. Petty cash book

Question 7:

• WAEC 2014

The accounting treatment for a dishonored cheque is; debit

A. Customer's account; credit bank account
B. Bank account; credit customer's account
C. Customer's account; credit sales account
D. Sales account; credit customer account

Question 8:

• WAEC 2014

Net turnover is referred to as

A. Purchases
B. Assets
C. Sales
D. Profits

Question 9:

• WAEC 2014

Which of the following transactions will result in disagreement between the cash book and the bank statements?

A. Selling of goods on credit to a customer
B. Withdrawal of goods by the proprietor for his personel use
C. Cheque paid directly into the bank account by a customer
D. Omission of purchases received from a supplier on credit

Question 10:

• WAEC 2014

Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is

A. An error of omission
B. A compensating error
C. An error of commision
D. An error of principal