Waec Accounts - Principles of Accounts Past Questions and Answers

Question 546:

• WAEC 2001

Which of the following is a fictitious asset?

A. Overdraftt
B. Cash in hand
C. Reserves
D. Preliminary expenses

Question 547:

• WAEC 2001

A subsidiary record is a book

A. Of ordinary entry
B. Containing the ledgers
C. Found in the journal
D. Containing the balance sheet

Question 548:

• WAEC 2001

In which ledger is the control account prepared?

A. Nominal ledger
B. General ledger
C. Sales ledger
D. Purchases account

Question 549:

• WAEC 2001

Suppliers personal accounts are found in the

A. Purchases ledger
B. Sales account
C. Purchases account
D. Sales ledger

Question 550:

• WAEC 2001

Commission of N5,000 to a sales representative is debited to salaries account. This is an error of

A. Reversal of entries
B. Principle
C. Commission
D. Compensation