Waec Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• WAEC 1989

The petty cash book can have

A. A debit balance only
B. A credit balance only
C. Both debit and credit balances
D. A debit or nil balance
E. A nill balance only

Question 7:

• WAEC 1989

Which of the following may have been recorded in the cash book and fail to appear in the Bank statement?

A. Bank charges and commission
B. Cheques issued, presented and cashed
C. Bank lodgements
D. Payments made by the bank on a tanding order
E. Opening bank overdraft

Question 8:

• WAEC 1989

Which of the following accounts belongs to the personal ledger?

A. Purchases account
B. Capital account
C. Machinery account
D. Depreciation account
E. Rent and rentals

Question 9:

• WAEC 1989

Which of the following accounts belongs to the private ledger?

A. Drawing accounts
B. Premises account
C. Machinery account
D. Depreciation account
E. V. Okafor's account

Question 10:

• WAEC 1989

A cheque for N400 drawn in favour of Jeje was posted to the credit of his account. The entry necessary to correct the error is

A. A debit suspense account N800,credit Jeje's account N800
B. Debit bank to correct N400, credit Jeje's account N400
C. Debit suspense account N400, credit Jeje's account N400
D. Debit Jeje's account N800, credit suspense account N800
E. Debit Jeje's account N400, credit suspense account N400