Waec Accounts - Principles of Accounts Past Questions and Answers

Question 61:

• WAEC 1990

Which of the following is true of the uses of the journal proper? i. correction of errors. ii. opening and closing the accounting books iii. recording cash purchases

A. I
B. Ii
C. Iii
D. I and ii
E. I and iii

Question 62:

• WAEC 1990

The principal of double entry book-keeping is that

A. Every debtor must have a creditor
B. Every account debited must be immediately credited
C. For every debit there must be a corresponding credit
D. For every double debit, threre must be a double credit
E. For every item there must be a doubkle entry

Question 63:

• WAEC 1990

The sales day book will show goods sold

A. For cash and credit
B. For cash
C. On credit
D. To wholwsalers
E. To retailers

Question 64:

• WAEC 1990

A credit note from a supplier for damaged goods would first be entered in the

A. Purchase day book
B. Sales day book
C. Cash book
D. Returns inwards book
E. Returns outwards book

Question 65:

• WAEC 1990

The purchase of a typewriter for office use for N2,500 should be debited to

A. Bank accoun
B. Sales account
C. Cash account
D. Purchases account
E. Assets account