Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 11:

• WAEC 2016

Bank reconciliation statement is prepared to reconcile the differences between

A. Bank statement and credit transfers
B. Cash book and bank transfers
C. Bank statement and cash transfers
D. Cash book and bank statement

Question 12:

• WAEC 2016

Which of the following items of expense involves actual cash payment?

A. Discounts allowed
B. Provision for depreciation
C. Carriage outwards
D. Allowance for doubtful debts

Question 13:

• WAEC 2016

In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the

A. Materiality concept
B. Dual aspect concept
C. Matching concept
D. Money measurement concept

Question 14:

• WAEC 2016

In accounting context, purchases refer to

A. Goods bought and paid only
B. Goods bought for resale only
C. Goods bought on credit only
D. Goods bought to be used in the firm

Question 15:

• WAEC 2016

Which of the following items is a current liability?

A. Stock of raw material
B. Cash in hand
C. Bills payable
D. Cash at bank