Waec Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 1:

• WAEC 2015

Which of the following describes a trial balance?

A. It is a special account
B. It is a list of balances in the books
C. It reveals the financial position of a business
D. It shows all the entries in the books of a business

Question 2:

• WAEC 2015

Which of the following describes a trial balance?

A. It is a special account
B. It is a list of balances in the books
C. It reveals the financial position of a business
D. It shows all the entries in the books of a business

Question 3:

• WAEC 2015

Which of the following is not a feature of accounting information?

A. Affordability
B. Timeliness
C. Accuracy
D. Completeness

Question 4:

• WAEC 2015

Which of the following is the equation for determining net profit or loss from the records of a firm?

A. Closing Capital - Drawings - Capital Introduced
B. Opening Capital + Drawings - Closing Capital
C. Closing Capital + Opening Capital - Drawings
D. Closing Capital + Drawings - Opening Capital

Question 5:

• WAEC 2015

Purchase invoice is first entered in the

A. Purchases Account
B. Cash Book
C. Sales Journal
D. Purchases Journal