Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 26:

• WAEC 2016

Use the following information to answer this question.
Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211
The total purchases is

A. D 161,841
B. D 156,986
C. D 134,673
D. D 132,200

Question 27:

• WAEC 2016

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?

A. GH¢45,300
B. GH¢28,992
C. GH¢27,180
D. GH¢24,160

Question 28:

• WAEC 2016

Which of the following is a credit item in an income and expenditure account?

A. Electricity
B. Donations
C. Stationery
D. Bar suppliers

Question 29:

• WAEC 2016

Purchases of fixtures and fittings by a club is recorded in the

A. Receipts and payments account only
B. Income and expenditure only
C. Receipts and payments account and balance sheet
D. Income and expenditure account and balance sheet

Question 30:

• WAEC 2016

The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is

A. Realization concept
B. Business entity concept
C. Cost concept
D. Dual aspect concept