Waec Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 26:

• WAEC 2019

Quick ratio is calculated as X-y:z, where

A. X= stock; y=current assets and z= long-term liabilities
B. X = current assets; y = debtors and z= current liabilities.
C. X=current assets; y= stock and z=current labilities
D. X= debtors; y= stock and z=current assets.

Question 27:

• WAEC 2019

Use the following information to answer the question below
Opening capital ---10,800
Drawings----------- 2,500
Trade creditors ----2,560
Trade debtors ------2,880
Cash in hand -------1,000
Net profit------------- 6,000

The closing capital is

A. 16,800
B. 14,300
C. 8,300
D. 7300

Question 28:

• WAEC 2019

Use the following information to answer the question below
Opening capital ---10,800
Drawings----------- 2,500
Trade creditors ----2,560
Trade debtors ------2,880
Cash in hand -------1,000
Net profit------------- 6,000

The working capital is

A. 6,440
B. 3,880
C. 3,500
D. 1,320

Question 29:

• WAEC 2019

In a single-entry accounting, purchases are ascertained using a

A. Trading account
B. Debtors control account
C. Statement of affairs
D. Creditors control account

Question 30:

• WAEC 2019

Goods bought from Sanmah for Le1,600 was entered into Shamail's Account. This is an error of

A. Compensation
B. Commission
C. Original entry
D. Principle