Waec Accounts - Principles of Accounts Past Questions and Answers

Question 66:

• WAEC 1990

An overdraft is usually shown as a

A. Credit balance in the cash column of the cash book
B. Debit balance in the cash column of the cash book
C. Debit balance in the loan account
D. Credit balance in the bank column of the cash book
E. Debit balance in the bank column of the cash book

Question 67:

• WAEC 1990

Cash discount received would be shown in the i. cash book ii. discount received account iii. supplier's account

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

Question 68:

• WAEC 1990

The balance of the pretty cash book should be

A. Deducted from the balance of the cash account
B. Shown in the balance sheet as cash-in-hand
C. Reconciled with the bank balance
D. Returned to the sales manager
E. Shown in the balance sheet as liability

Question 69:

• WAEC 1990

Which of the following should be included in the adjusted cash book?

A. Bank charges and commission
B. Cheques issued, presented and cashed
C. Bank deposits
D. Cash payments made by the firm
E. Opening bank overdraft

Question 70:

• WAEC 1990

Which of the following belongs to the Nominal Ledger?

A. Creditors account
B. Debitors account
C. Salaries account
D. Fixtures account
E. Stock account