Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1316:

• WAEC 2016

The cost of goods returned by branch to head office is debited

A. Branch stock adjustment account
B. Goods sent to branch account
C. Branch stock account
D. Branch profit and loss account

Question 1317:

• WAEC 2016

Which of the following is a source of local government revenue?

A. Excise duties
B. Market dues
C. Import duties
D. Loans and grants

Question 1318:

• WAEC 2016

The transfer of money from one sub-head to another in the public sector is

A. Budgeting
B. Allocation
C. Virement
D. Vote

Question 1319:

• WAEC 2016

The total of the discounts received column in the three column cash book is?

A. Debited to discounts received account
B. Credited to discounts received account
C. Debited to discounts allowed account
D. Credited to discount allowed account

Question 1320:

• WAEC 2016

Which of the following expenses is apportioned between departments based on sales?

A. Discount received
B. Electricity
C. Carriage inwards
D. Carriage outwards