Waec Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 26:

• WAEC 2015

The total of the returns outwards journal is posted to the

A. Credit side of the returns outwards book
B. Debit side of the returns outwards account
C. Debit side of the purchases returns book
D. Credit side of the returns outwards account

Question 27:

• WAEC 2015

Which of the following is a not revealed by a firm's accounting records?

A. Profit of a period
B. Quality of labour force
C. Credit worthiness
D. Value of assets

Question 28:

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.
Opening capital is

A. D5,660
B. D5,060
C. D4,460
D. D2,960

Question 29:

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.
Closing capital is

A. D8,100
B. D7,400
C. D6,700
D. D5,200

Question 30:

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.
Net profit for the year is

A. D12,260
B. D3,740
C. D2,440
D. D2,040