Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1006:

• WAEC 2010

The balance in a sales Ledger Counter Account indicates the

A. Difference between debtors and creditors
B. Total sales
C. Total purchases
D. Total debtors

Question 1007:

• WAEC 2010

A temporary difference of bank occurs in only one account with the second figure stated, this is an error of

A. Adjustment account
B. Suspense account
C. Imprest account
D. Appropriation account

Question 1008:

• WAEC 2010

In the preparation of bank reconciliation statement cheque are

A. Added to the balance as per bank statement
B. Deduced from the the balance as per bank statement
C. Added to the balance as per bank statement
D. Ignored totally

Question 1009:

• WAEC 2010

Which of the following is found in the general ledger?

A. Capital account
B. Sales accounts
C. Loan account
D. Drawings account

Question 1010:

• WAEC 2010

Use the following information to answer the given question
\(\begin{array}{c|c} \text{1/1/06 Debtors} & D2,600\\ \text{1/1/06 Provision for bad debts} & D60\\ \text{31/12/06 New provision provision for bad debts} & \text{5% on debtors}\end{array}\)
What is the amount of the new provision for bad debts?

A. D130
B. D127
C. D124
D. D120