Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 1:

• WAEC 2021

The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is

A. Le260,000
B. Le200,000
C. Le140,000
D. Le60,000

Question 2:

• WAEC 2021

A transaction that would cause the cash book balance to be less than the bank statement balance is

A. Direct debit
B. Standing order
C. Bank charges
D. Unpresented cheques

Question 3:

• WAEC 2021

Suspense account is used in the correction of

A. All errors in the trial balance
B. Errors that affect the agreement of a trial balance
C. Errors that do not affect the agreement of a trial balance
D. Errors that affect the accuracy of the net profit

Question 4:

• WAEC 2021

Use the following information to answer this question
GH¢
Monthly rent payable 3,000
Rent paid on 01/01/2018 48,000
The balance of rent in the balance sheet would be

A. Current asset of GH¢36,000
B. Current asset of GH¢12,000
C. Current liability of GH¢12,000
D. Current liability of GH¢48,000

Question 5:

• WAEC 2021

Use the following information to answer this question
GH¢
Monthly rent payable 3,000
Rent paid on 01/01/2018 48,000
Rent expense for 2018 was

A. GH¢84,000
B. GH¢48,000
C. GH¢36,000
D. GH¢12,000