Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 1:

• WAEC 2020

A debit entry in a fixed asset account represents

A. An increase in the fixed asset account.
B. A decrease in the fixed asset account
C. A profit on disposal of the fixed asset
D. A loss on disposal of the fixed asset

Question 2:

• WAEC 2020

When bank charges are discovered in a bank statement, the adjustment is effected in the

A. Bank reconciliation statement
B. Cash book
C. Suspense account
D. Bank loan account

Question 3:

• WAEC 2020

The double entry for interest on drawings by a partner is: debit

A. Partner's Current Account; creditAppropriation Account
B. Profit and Loss Account: credit Interest Account
C. Appropriation Account credit Partner's Current Account
D. Interest Account: credit Profit and Loss Account

Question 4:

• WAEC 2020

A credit purchase of N200 from Osae was posted to the account of Osei. This is an error of

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

Question 5:

• WAEC 2020

Use the following information to answer the question below
Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors

The net figure for debtors in the balance sheet is

A. Le 47,025
B. Le 46,550
C. Le 45,600
D. Le 45,500