Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1241:

• WAEC 2015

Which of the following expresses the accounting equation?

A. Capital + assets = liabilities
B. Assets - liabilities = Capital
C. Liabilities + Current Assets = Fixed assets
D. Liabilities - Capital = Current assets

Question 1242:

• WAEC 2015

When the invoice of a customer is overcast, the supplier will send to him a

A. Cheque
B. Payment voucher
C. Debit note
D. Credit note

Question 1243:

• WAEC 2015

Unpresented cheques are cheques_________

A. That have been recorded in the cash book but not by the bank
B. That have been received by the bank, but not recorded in the cash book
C. Returned by the bank
D. Written but not handed over to customers

Question 1244:

• WAEC 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.
\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.
Advertising owing in respect of the year ended June 30, 2012 is _______?

A. GH¢ 12,000
B. GH¢ 9,000
C. GH¢ 6,000
D. GH¢ 3,000

Question 1245:

• WAEC 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.
\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.
What was the amount charged to the profit and loss account in respect of advertising for the ended June 30 2012 is_____?

A. GH¢ 36,000
B. GH¢ 30,000
C. GH¢ 27,000
D. GH¢ 24,000