Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1396:

• WAEC 2017

Interest on partners drawings are debited in the


A. Partners current accounts and credited to the appropriation account
B. Drawings account and credited to the profit and loss account
C. Profit and loss account and credited to the partners current account
D. Profit and loss account and credited to the partners' drawings account

Question 1397:

• WAEC 2017

The purpose of keeping Sales and Purchases Ledger Control Account is to

A. Match credit ids Sales and credit purchases
B. Equate debtors balance to creditors balance
C. Verify total debtors and total creditors balances
D. Determine cash sales and cash purchases

Question 1398:

• WAEC 2017

Which of the following items will appear in the Total Creditors Account?

A. Discount allowed
B. Credit sales
C. Discount received
D. Cash purchases

Question 1399:

• WAEC 2017

A disadvantage of single entry system of book-keeping is that

A. The profit for the period is reduced
B. It is difficult to determine profit for the period
C. Total sales for the period is reduced
D. The owner of the firm withdraws money from the enterprise

Question 1400:

• WAEC 2017

Which of the following accounts or statements is used to determine credit purchase figures in incomplete records?

A. Bank Account
B. Control Account
C. Profit and Loss Account
D. Statement of Affairs