Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1341:

• WAEC 1996

Which of the following entries would be made for goods bought and paid for immediately? Debit

A. Cash account, credit sales account
B. Purchases account; credit cash account
C. Cash account; credit purchases account
D. Purchases account; credit sales account
E. Purchases account; credit goods account

Question 1342:

• WAEC 1996

The purpose of a trading account is to ascertain

A. Sales
B. Gross profit or loss
C. Net profit or loss
D. Carriage outwarrds
E. Appropriated profit

Question 1343:

• WAEC 1996

which of the following is not an Appropriation account item for a company?

A. Inerest on drawings
B. Proposed dividends
C. Interim dividends
D. Provision for taxation
E. General reserve

Question 1344:

• WAEC 1996

Factory wages are always entered into the

A. Sales account
B. Manufacturing account
C. Profit ans loss account
D. Trading account
E. Trading account

Question 1345:

• WAEC 1996

The payee of a cheque is the

A. Drawer's banker
B. Drawee's banker
C. Person naned to receive the amount on the cheque
D. Bank cashier
E. Drawer