Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 21:

• WAEC 2021

A business includes 50% mark-up on all its products. This would mean margin of

A. 66 2/3%
B. 66 1/3%
C. 33 2/3%
D. 33 1/3%

Question 22:

• WAEC 2021

Use the following information to answer this question
GH¢
Gross profit 50,400
Discounts relieved 3,300
Discounts allowed 2,500
Net profit 26,500
Cost of goods sold 184,000


Sales for the period is

A. GH¢234,400
B. GH¢210,500
C. GH¢133,600
D. GH¢76,900

Question 23:

• WAEC 2021

Use the following information to answer this question
GH¢
Gross profit 50,400
Discounts relieved 3,300
Discounts allowed 2,500
Net profit 26,500
Cost of goods sold 184,000


Other operating expenses for the period is

A. GH¢27,300
B. GH¢25,700
C. GH¢24,700
D. GH¢23,900

Question 24:

• WAEC 2021

All cash transactions of a not-for-profit making organization are recorded in

A. Three-column cash book
B. Income and expenditure account
C. Subscriptions account
D. Receipts and payments account

Question 25:

• WAEC 2021

Subsidiary books of account are used to record transactions

A. Made in the same period
B. Of a similar nature
C. Involving minor amounts
D. Without source documents