Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 16:

• WAEC 2016

The balance sheet is prepared to reveal

A. The result of the operations for the period under review
B. The financial position of the business
C. The arithmetical accuracy of the ledger accounts
D. The accruals and payment

Question 17:

• WAEC 2016

The excess of cost of goods sold over net sales is

A. Gross profit
B. Gross loss
C. Net profit
D. Net loss

Question 18:

• WAEC 2016

Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
Rent for 2014 chargeable to the profit and loss account is

A. N4,000
B. N3,000
C. N3,200
D. N2,800

Question 19:

• WAEC 2016

Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
The balance sheet as at 31st December 2014 will show

A. Current asset of N600
B. Current asset of N400
C. Current liability of N400
D. Current asset of N600

Question 20:

• WAEC 2016

Which of the following would result from an increase in the provision for doubtful debts?

A. A Decrease in gross profit
B. A decrease in net profit
C. An increase in gross profit
D. An increase in net profit