Waec Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 11:

• WAEC 2015

What is a ledger entry for the sale of plant and machinery on credit to Wilson?

A. Credit sales account and debit cash account
B. Credit plant and machinery account and debit Wilson's account
C. Credit sales account and debit Wilson's Account
D. Credit plant and machinery account and debit cash account

Question 12:

• WAEC 2015

Discount received account is a

A. Real account
B. Personal account
C. Nominal account
D. Profit and loss account

Question 13:

• WAEC 2015

Which of the following accounts has a credit balance?

A. Capital
B. Cash
C. Drawings
D. Premises

Question 14:

• WAEC 2015

The accounting entry to correct sales day book overcast is?

A. Debit sales account and credit debtors account
B. Debit suspense account and credit sales account
C. Debit debtors account and credit suspense account
D. Debit sales account and credit suspense account

Question 15:

• WAEC 2015

Which of the following expresses the accounting equation?

A. Capital + assets = liabilities
B. Assets - liabilities = Capital
C. Liabilities + Current Assets = Fixed assets
D. Liabilities - Capital = Current assets