Waec Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 36:

• WAEC 2017

Which of the following describes a trial balance?


A. It shows all the entries in the books
B. It reveals the financial position of a business
C. It is a list of accounting balances on the books
D. It is a special account

Question 37:

• WAEC 2017

The accounts of Jute Enterprise in the books of a supplier will be a

A. Nominal account in the general ledger
B. Personal account in the sales ledger
C. Personal account in the purchases ledger
D. Real account in the general ledger

Question 38:

• WAEC 2017

Account payable is classified as a

A. Prepayment
B. Provision
C. Current liability
D. Long term liability

Question 39:

• WAEC 2017

The accounting concept that provides that accounting statements should not be influenced by personal opinion is

A. Materiality
B. Periodicity
C. Objectivity
D. Conservatism

Question 40:

• WAEC 2017

Which of the following accounts are found in the nominal ledger?
I. Advertising
ll.Motor repairs
lll. Additions to the motor vehicle

A. Materiality
B. Periodicity
C. Objectivity
D. Conservatism