Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1291:

• WAEC 2016

Which of the following items is a current liability?

A. Stock of raw material
B. Cash in hand
C. Bills payable
D. Cash at bank

Question 1292:

• WAEC 2016

The balance sheet is prepared to reveal

A. The result of the operations for the period under review
B. The financial position of the business
C. The arithmetical accuracy of the ledger accounts
D. The accruals and payment

Question 1293:

• WAEC 2016

The excess of cost of goods sold over net sales is

A. Gross profit
B. Gross loss
C. Net profit
D. Net loss

Question 1294:

• WAEC 2016

Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
Rent for 2014 chargeable to the profit and loss account is

A. N4,000
B. N3,000
C. N3,200
D. N2,800

Question 1295:

• WAEC 2016

Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
The balance sheet as at 31st December 2014 will show

A. Current asset of N600
B. Current asset of N400
C. Current liability of N400
D. Current asset of N600