Waec Accounts - Principles of Accounts Past Questions and Answers

Question 711:

• WAEC 2004

Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
Gross profit is

A. N1,850
B. N1,250
C. N950
D. N650

Question 712:

• WAEC 2004

Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is

A. N3,850
B. N2,900
C. N2,300
D. N2,000

Question 713:

• WAEC 2004

Which of the following is not a debit item in the partnership profit and loss appropriation account?

A. Interest on partners drawings
B. Parners salaries
C. Interest on partners capital
D. Share of profit

Question 714:

• WAEC 2004

Which of the following is not correct?

A. Credit sales are entered on debit side of the customers personal account
B. Credit purchases are entered on the debit side of the supplier's personal account
C. Return inward are entered on the credit side of the customer's personal account
D. Returns outwards are entered in on the debit side of the supplier's account

Question 715:

• WAEC 2004

When discount is allowed, the accounting entry is debit Discount allowed and credit

A. Suspense account
B. Expense account
C. Debtors account
D. Creditors account