Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 41:

• WAEC 2020

A debit balance of N420 on the purchases ledger control account means that the

A. Trade creditors were overpaid by N420
B. Trade creditors are owed N420
C. Goods returned to trade creditors amounted to N420
D. Total supplies from trade creditors amounted to N420

Question 42:

• WAEC 2020

(a) Outline two differences between bookkeeping and accounting
(b) List one source document used for each of the following transactions:
i. sales
ii. purchases
iii. cash deposit
iv. salary
v. returns outwards
(c) State three purposes of source documents

Question 43:

• WAEC 2020

(a)What is a not-for-profit making organization?
(b) Outline two differences between a for-profit organization and a not-for-profit making organisation.
(c) Explain the following sources of funding in a not-for-profit making organisation:
i. subscription
ii. life membership fee
iii. entrance fee
iv. donation

Question 44:

• WAEC 2020

(a) Explain the term fixed capital account.
(b) State three conditions that would result in a change in the profit and loss sharing ratio of a partnership.
(c) Outline three circumstances that would give rise to the creation of goodwill in a partnership

Question 45:

• WAEC 2020

(a) List;
i. three books of accounts used In public sector accounting
ii. four users of public sector accounting information.
(b) State four differences between the private sector accounting and the public sector accounting