Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1301:

• WAEC 2016

Use the following information to answer this question.
Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211
The credit purchases is

A. D 161,841
B. D 156,986
C. D 134,673
D. D 132,200

Question 1302:

• WAEC 2016

Use the following information to answer this question.
Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211
The total purchases is

A. D 161,841
B. D 156,986
C. D 134,673
D. D 132,200

Question 1303:

• WAEC 2016

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?

A. GH¢45,300
B. GH¢28,992
C. GH¢27,180
D. GH¢24,160

Question 1304:

• WAEC 2016

Which of the following is a credit item in an income and expenditure account?

A. Electricity
B. Donations
C. Stationery
D. Bar suppliers

Question 1305:

• WAEC 2016

Purchases of fixtures and fittings by a club is recorded in the

A. Receipts and payments account only
B. Income and expenditure only
C. Receipts and payments account and balance sheet
D. Income and expenditure account and balance sheet