Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 31:

• WAEC 2021

The type of stock recorded in the trading account of a manufacturing business is

A. Raw material
B. Work-in progress
C. Consumables
D. Finished goods

Question 32:

• WAEC 2021

Accounts of fixed assets are kept in the

A. Purchases ledger
B. Private ledger
C. Sales ledger
D. General ledger

Question 33:

• WAEC 2021

Recurrent expenditure of a local government include

A. Erection of market stalls
B. Repayment of loans
C. Purchase of office equipment
D. Purchase of office stationery

Question 34:

• WAEC 2021

The accounting principle of double entry states that

A. Debit the giver and credit the receiver
B. Assets must be equal to capital plus liabilities
C. Every debit entry must have a corresponding credit entry
D. Debit entries increase liabilities while credit entries increase assets

Question 35:

• WAEC 2021

Lima paid off debt of D2,500 owed to Dongo by cash. The entries in lima's book are: debit

A. Cash D2,500; credit Dongo D2,500
B. Dongo D2,500; credit cash D2,500
C. Bad debt D2,500; credit Dongo D2,500
D. Dongo D2,500; credit bad debt D2,500