Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 36:

• WAEC 2021

Accounting evolved out of the need of businesses for

A. Profit making
B. Record keeping
C. Increasing sales
D. Obtaining finance

Question 37:

• WAEC 2021

Sales account was undercast by GH¢ 1,000. When this is corrected, both the gross profit and the net profit would

A. Increase by GH¢2,000
B. Increase by GH¢l,000
C. Decrease by GH¢l,000
D. Decrease by GH¢2,000

Question 38:

• WAEC 2021

Use the following information to answer this question
Le
Sales for the year 450,000
Purchases for the year 230,000
Opening stock 60,000
Closing stock 40,000


The stock turnover period is

A. 88 days
B. 73 days
C. 58 days
D. 41 days

Question 39:

• WAEC 2021

Use the following information to answer this question
Le
Sales for the year 450,000
Purchases for the year 230,000
Opening stock 60,000
Closing stock 40,000


The mark-up is

A. 88%
B. 80%
C. 44.44%
D. 26.67%

Question 40:

• WAEC 2021

Company as a legal entity means that it

A. Must always have a company lawyer
B. Can sue and be sued
C. Must settle disputes among shareholders in court
D. Should prepare accounts approved by a lawyer