Waec Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 16:

• WAEC 2014

The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as

A. An acquisition of fixed asset
B. An expense in its general office expense account
C. Part of capital in the capital account
D. An acquisition of stock

Question 17:

• WAEC 2014

Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account

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

Question 18:

• WAEC 2014

Net profit in a business is

A. The amount of money taken out of the business by the owner
B. The cash in the business bank account
C. The difference between sales and cost of sales
D. Sales revenue less cost of sales expenses

Question 19:

• WAEC 2014

which of the following is not an administrative expenses in a manufacturing organization?

A. Discounts allowed
B. Office electricity
C. Stationery
D. Insurance

Question 20:

• WAEC 2014

Which of the following items is not contained in the Receipts and Payments Account?

A. Subscription paid in advance
B. Stock paid for in advance
C. Outstanding wages and salaries
D. Donations