Waec Accounts - Principles of Accounts Past Questions and Answers

Question 661:

• WAEC 2003

A control account is

A. An imprest system
B. A statement of affairs
C. A bank reconciliation statement
D. A self balancing ledger system

Question 662:

• WAEC 2003

In a not-for-profit making organization, the cash book is summarized in the form of

A. Balance sheet
B. Income and expenditure account
C. Receipts and expenditure account
D. Receipts and pryments account

Question 663:

• WAEC 2003

Which of the following is found in a receipts and payments account?

A. Accruals
B. Prepayments
C. Sepreciation of fixed assets
D. Purchase of fixed assets

Question 664:

• WAEC 2003

Using the following information,
\(\begin{array}{c|c} & ₦ \\ \hline \text{club house} & 375,000\\ \text{Furniture} & 250,000\\ \text{Sport kit} & 400,000 \\ \text{subscriptions prepaid} & 10,000\\ \text{Bar creditors} & 156,000 \\ \text{subscriptions owing} & 45,000\end{array}\)
What is the club's accumulated fund?

A. ₦924,000
B. ₦914,000
C. ₦904,000
D. ₦834,000

Question 665:

• WAEC 2003

Which of the following is not a credit item in the sales ledger control account?

A. Cash paid
B. Discount allowed
C. Dishonoured cheque
D. Returns inward