Waec Accounts - Principles of Accounts Past Questions and Answers

Question 106:

• WAEC 1991

N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are

A. Debit Latifat's account, credit cash book with N100
B. Credit Latifat's account, debit cash book with N100
C. Credit Latifa's account, debit cash book with N200
D. Debit Latifat's account, credit cash book with N200
E. Credit Latifat's account, debit Suspense account with N200

Question 107:

• WAEC 1991

Discount allowed is a charge to

A. Trading account
B. Balance sheet
C. Profit and loss account
D. Profit and lss appropriation account
E. Current account

Question 108:

• WAEC 1991

Which of the following is in the personal Ledger?

A. Discount allowed account
B. Interest received account
C. Cash sales account
D. Debtors account
E. Assets account

Question 109:

• WAEC 1991

Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to

A. N2,300
B. N2,200
C. N2,000
D. N1,800
E. N1,700

Question 110:

• WAEC 1991

The authorized share capital of a limited liability company is the number of shares

A. Offered for sale
B. Called up
C. Approved in the memorandum of association
D. Subscribed
E. Paid up