Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1001:

• WAEC 2010

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Cash balance at 5/1/08 is

A. ₦50,000
B. ₦40,000
C. ₦45,000
D. ₦30,000

Question 1002:

• WAEC 2010

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in Purchases account at 5/1/08 is

A. ₦23,000
B. ₦18,000
C. ₦10,000
D. ₦8,00

Question 1003:

• WAEC 2010

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in the Capital Account at 5/1/08 is

A. ₦60,000
B. ₦50,000
C. ₦35,000
D. ₦5,000

Question 1004:

• WAEC 2010

Where a wrong figure occurs in only one account with the second figure correctly stated, this is an error of

A. Transposition
B. Compensation
C. Omission
D. Commission

Question 1005:

• WAEC 2010

Which of the following is added to the proprietor's capital?

A. Net profit
B. Gross profit
C. Net sales
D. Gross sales