Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 11:

• WAEC 2021

Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000


Payment to creditors is

A. ₦ 1,423,000
B. ₦ 1,359,000
C. ₦ 1,333,000
D. ₦ 1,295,000

Question 12:

• WAEC 2021

Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000


Amount owed to creditors on 31/12/19 is

A. ₦ 406,000
B. ₦ 342,000
C. ₦ 316,000
D. ₦ 226,000

Question 13:

• WAEC 2021

The objective of preparing departmental account is to determine the

A. Sales of each department
B. Total cost attributable to each department
C. Capital employed by each department
D. Profitability of each department

Question 14:

• WAEC 2021

The partner who partakes in the management of the firm and assumes personal responsibility for the firm's debts is a

A. General partner
B. Sleeping partner
C. Quasi partner
D. Limited partner

Question 15:

• WAEC 2021

Acid test ratio of a firm measures the

A. Profitability of a firm
B. Capital adequacy of a firm
C. Liquidity of a firm
D. Quality of debtors of a firm