Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 6:

• WAEC 2016

Which of the following errors are errors of commission?
I. A cheque paid to Adam debited to Adam's account.
II. Credit sales to Eva credited to sales account but debited to Eve's account.
III. Furniture repairs debited to furniture account.
IV. Credit purchases from Manu credited to Manu's account.

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

Question 7:

• WAEC 2016

A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is

A. GH¢ 590,000
B. GH¢ 590,000 0verdrawn
C. GH¢ 210,000
D. GH¢ 210,000 Overdrawn

Question 8:

• WAEC 2016

A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?

A. GH¢ 8,000
B. GH¢ 6,000
C. GH¢ 4,000
D. GH¢ 2,000

Question 9:

• WAEC 2016

Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of

A. Principle
B. Commision
C. Complete reversal of entries
D. Original entry

Question 10:

• WAEC 2016

One of the purchases invoices of Mr.Dauda showed D96,240 less 12 \(\frac{1}{2}\)% trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is

A. D 77,368
B. D 73,157
C. D 67,368
D. D 63,157