Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1036:

• WAEC 2010

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le 2,400 were owed and Le 8,000 were paid. Using the information, wages recorded in the balance sheet as at 30/6/08 is

A. Le 12,400
B. Le 6,000
C. Le 2,400
D. Le 2,000

Question 1037:

• WAEC 2010

Money received from a customer is recorded in the customer's account and bank account; the accounting concept applied is

A. Business entity
B. Dual aspect
C. Going-concern
D. Money measurement

Question 1038:

• WAEC 2010

The amount for which a business is sold is that

A. Goodwill
B. Cosiderated fund
C. Purchase
D. Considerations
E. Capital reserve

Question 1039:

• WAEC 2011

The two fundamental books of accounting are

A. Return inwards and outwards
B. Journal and ledger
C. Discounts allowed and received
D. Credit note and debit note

Question 1040:

• WAEC 2011

The two fundamental books of accounting are

A. Return inwards and outwards
B. Journal and ledger
C. Discounts allowed and received
D. Credit note and debit note