Waec Accounts - Principles of Accounts Past Questions and Answers

Question 706:

• WAEC 2004

Which of the following is correct about cost of goods sold?

A. Opening stock + purchases - closing stock
B. Opening stock + sales + closing stock
C. Openig stock - purchases - closing stock
D. Opening stock + sales + closing stock

Question 707:

• WAEC 2004

Net debtors is

A. Debtors less provision for bad debts
B. Debtors plus provision for bad debts
C. Debtors less prepayments
D. Debtors plus prepaments

Question 708:

• WAEC 2004

The balance on the sales ledger control Account at the end if the accounting year represents total

A. Trade debtors at the end of the year
B. Cash sales for the year
C. Credit sales for the year
D. Amount transferred from the sales day book

Question 709:

• WAEC 2004

a decrease in the provision for doubtful debts result in

A. An increase in net profit
B. A decrease in gross profit
C. An increase in gross profit
D. A decrease in net profit

Question 710:

• WAEC 2004

The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is

A. Consistency
B. Cost
C. Accrual
D. Conservatism