Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1286:

• WAEC 2016

One of the purchases invoices of Mr.Dauda showed D96,240 less 12 \(\frac{1}{2}\)% trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is

A. D 77,368
B. D 73,157
C. D 67,368
D. D 63,157

Question 1287:

• WAEC 2016

Bank reconciliation statement is prepared to reconcile the differences between

A. Bank statement and credit transfers
B. Cash book and bank transfers
C. Bank statement and cash transfers
D. Cash book and bank statement

Question 1288:

• WAEC 2016

Which of the following items of expense involves actual cash payment?

A. Discounts allowed
B. Provision for depreciation
C. Carriage outwards
D. Allowance for doubtful debts

Question 1289:

• WAEC 2016

In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the

A. Materiality concept
B. Dual aspect concept
C. Matching concept
D. Money measurement concept

Question 1290:

• WAEC 2016

In accounting context, purchases refer to

A. Goods bought and paid only
B. Goods bought for resale only
C. Goods bought on credit only
D. Goods bought to be used in the firm