Waec Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 6:

• WAEC 2017

When allotment of shares is made applicants for shares of a company become

A. Promoters
B. Creditors
C. Debtors
D. Shareholders

Question 7:

• WAEC 2017

The objective of a departmental accounts is to ascertain the

A. Number of staff in the department
B. Departmental performance
C. Stock held by the department
D. Departmental labour

Question 8:

• WAEC 2017

In departmental accounting, when goods are sent from one department to another for sale the transaction is treated as

A. Interdepartmental transfer
B. Inter-departmental sales
C. Intra-departmental purchases
D. Intra-department sales

Question 9:

• WAEC 2017

A branch that keeps its own records prepares the records of transactions with the head office in the

A. Branch Current Account
B. Branch Stock Account
C. Head Office Current Account
D. Profit and Loss Account

Question 10:

• WAEC 2017

The accounting entries when goods are sold on credit at the branch are debit

A. Branch Debtors Account; credit Sales Accounts
B. Branch Current Account; credit Head Office Current Account
C. Branch Debtors Account; credit Head Office Current Account
D. Head Office Current Account; credit Sales Accounts