Waec Accounts - Principles of Accounts Past Questions and Answers

Question 126:

• WAEC 1991

A delivery van was bought on credit. The transaction would be entered by the customer first in the

A. Purchases day book
B. Sales day book
C. Returns inwards book
D. Returns outwards book
E. Journal proper

Question 127:

• WAEC 1991

Which of the following is not a liability?

A. Accrued wages
B. Creditor
C. Prepayment
D. Insurance due but unpaid
E. Rent arrears

Question 128:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to

A. N10,000
B. N8,000
C. N7,000
D. N6,900
E. N5,000

Question 129:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Cost of sales is

A. N10,100
B. N10,000
C. N9,200
D. N9,100
E. N7,000

Question 130:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is

A. N2,800
B. N2,525
C. N2,500
D. N2000
E. N1,750