Waec Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 21:

• WAEC 2017

The purpose of keeping Sales and Purchases Ledger Control Account is to

A. Match credit ids Sales and credit purchases
B. Equate debtors balance to creditors balance
C. Verify total debtors and total creditors balances
D. Determine cash sales and cash purchases

Question 22:

• WAEC 2017

Which of the following items will appear in the Total Creditors Account?

A. Discount allowed
B. Credit sales
C. Discount received
D. Cash purchases

Question 23:

• WAEC 2017

A disadvantage of single entry system of book-keeping is that

A. The profit for the period is reduced
B. It is difficult to determine profit for the period
C. Total sales for the period is reduced
D. The owner of the firm withdraws money from the enterprise

Question 24:

• WAEC 2017

Which of the following accounts or statements is used to determine credit purchase figures in incomplete records?

A. Bank Account
B. Control Account
C. Profit and Loss Account
D. Statement of Affairs

Question 25:

• WAEC 2017

A trader sells goods at an average margin of 20%. His cost of sales for the month amounted to N720,000. What is his profit figure?

A. N900,000
B. N864,000
C. N840,000
D. N180,000