Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1056:

• WAEC 2011

The method of ascertaining capital from income record is by preparing the

A. Cash book
B. Statement of affairs
C. Suspense account
D. Control account

Question 1057:

• WAEC 2011

A petty cashier operates with an imprest of D1,000 per week. At the end of the week he had disbursed D920. How much is needed to restore the imprest?

A. D1,920
B. D1,000
C. D920
D. D80

Question 1058:

• WAEC 2011

Accumulated fund is also referred to as

A. Surplus
B. Porofit
C. Deficit
D. Capital

Question 1059:

• WAEC 2011

Subscriptions owed by members of a club is a/an

A. Asset
B. Liability
C. Profit
D. Surplus

Question 1060:

• WAEC 2011

The document from which entries are transferred to the purchases day book is the

A. Waybill
B. Credit note
C. Receipt
D. Invoice