Waec Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 36:

• WAEC 2019

Use the following information to answer questions the question below
01/01/17 31/12/17
Trade creditors 630,000 780,000
Stock 540,000 480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

The cost of goods sold was?

A. N3,330,000
B. N2,910,000
C. N2,760,000
D. N2,610,000

Question 37:

• WAEC 2019

Use the following information to answer questions the question below
01/01/17 31/12/17
Trade creditors 630,000 780,000
Stock 540,000 480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

What was the purchase for 2017

A. N3,480,000
B. N2,850,000
C. N2,700,000
D. -N2,550,000

Question 38:

• WAEC 2019

In public sector accounting, salaries of employees are classified as

A. Capital expenditure
B. Capital receipt.
C. Recurrent expenditure
D. Recurrent receipt

Question 39:

• WAEC 2019

Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri s books are: debit

A. Bank Account; credit Suleman's Account
B. Bank Account, credit Debtors Account
C. Suleman's Account; creditBank Account
D. Suleman's Account; credit CashAccount

Question 40:

• WAEC 2019

The concept which seeks to prevent profits from being overstated is

A. Materiality
B. Consistency
C. Prudence
D. Periodicity