Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1136:

• WAEC 2013

Which of the following is not a characteristic of trial balance?

A. It has columns for debit and credit balances
B. Total of debit balance equals total of credit balance
C. It is a statement
D. It is an account

Question 1137:

• WAEC 2013

The capital of a sole trader changes as a result of

A. Paying wages by cash
B. Equipment purchased by cheque
C. Drawing by cheque
D. Purchase on credit

Question 1138:

• WAEC 2013

A credit balance is

A. A liability or an expense
B. An expenditure or an income
C. An asset or an expense
D. An income

Question 1139:

• WAEC 2013

The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing

A. I, ii, iii and iv
B. Ii, iii, i and iv
C. Iii, i, ii and iv
D. Iv, iii, ii and iv

Question 1140:

• WAEC 2013

A dishonored cheque is

A. Debited in cash book
B. Credited in the cash book
C. Double entry in the cash book
D. Credited in the bank book