Waec Accounts - Principles of Accounts Past Questions and Answers

Question 666:

• WAEC 2003

Which of the following items is found on he credit side of a sales Ledger Control Account?

A. Credit sales
B. Debtors cheques dishonoured
C. Interest on overdue account
D. Bad debts written off

Question 667:

• WAEC 2003

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Purchases for the year was

A. ₦19,400
B. ₦19,000
C. ₦18,000
D. ₦17,000

Question 668:

• WAEC 2003

Use the following information to answer the given
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Cost of sales for the year was

A. ₦19,800
B. ₦19,400
C. ₦18,400
D. ₦17,400

Question 669:

• WAEC 2003

The cost of raw materials consumed is determined in the Manufacturing Account as

A. Opening stock plus purchases less closing stock
B. Purcheses plus closing stock less opening stock
C. Cost of materials available plus closing stock
D. Cost of materials available less opening stock

Question 670:

• WAEC 2003

Rent owing by a business is shown in the

A. Trading account
B. Trial balance
C. Balance sheet
D. Cash book