Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 1:

• WAEC 2016

External users of accounting information include

A. Employees
B. Management
C. Bankers
D. Directors

Question 2:

• WAEC 2016

External users of accounting information include

A. Employees
B. Management
C. Bankers
D. Directors

Question 3:

• WAEC 2016

Every asset should have

A. A non-monetary value
B. Tangible and intangible qualities
C. Monetary cost and future benefit
D. An inadequate monetary value

Question 4:

• WAEC 2016

Which of the following are impersonal accounts ?
I. Investment
II. Creditors
III. Premises
IV. Debtors
V. Salaries

A. I, III and IV
B. I, III and V
C. II and IV
D. III and V

Question 5:

• WAEC 2016

Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit

A. Purchases; Credit cheque
B. Purchases; Credit bank
C. Bank; Credit Purchases
D. Cheque; Credit Purchases