Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 26:

• WAEC 2020

Items shown in the manufacturing account include
i. Purchases of raw materials
ii. Purchases of finished goods
iii. Carriage inwards
iv. Carriage outwards


A. I and II only
B. I and IIl only
C. I, ll and Il only
D. I, III and IV only

Question 27:

• WAEC 2020

The purpose of preparing a trading account is to ascertain

A. Average stock
B. Gross profit
C. Cost of goods sold
D. Cost of goods available for sale

Question 28:

• WAEC 2020

A trader adds 25% on cost as profit. The profit on sales of $300,000 would be

A. $75,000
B. $60,000
C. $50,000
D. $20,000

Question 29:

• WAEC 2020

The accounting concept which distinguishes an enterprise from its owners is

A. Money measurement
B. Dual aspect concept
C. Going concern concept
D. Business entity concept

Question 30:

• WAEC 2020

Eze introduces his private car into his business.

The aspect of the accounting equation of the business that would be affected are

A. Assets and Capital
B. Capital and Profit
C. Liabilities and Assets
D. Capital and Liabilities