Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1411:

• WAEC 2017

Use the following information to answer the question below
Sales ledger balances 01/06/12------ 9,000
30/06/12------------------------------------30,000
Total for the month: Cash sales----- 10,000
Returns inwards --------------------------3,000
Cheque dishonoured-------------------- 4,000

The total sales for the month is?

A. 36,000
B. 31,000
C. 30,000
D. 10,000

Question 1412:

• WAEC 2017

Which of the following describes a trial balance?


A. It shows all the entries in the books
B. It reveals the financial position of a business
C. It is a list of accounting balances on the books
D. It is a special account

Question 1413:

• WAEC 2017

The accounts of Jute Enterprise in the books of a supplier will be a

A. Nominal account in the general ledger
B. Personal account in the sales ledger
C. Personal account in the purchases ledger
D. Real account in the general ledger

Question 1414:

• WAEC 2017

Account payable is classified as a

A. Prepayment
B. Provision
C. Current liability
D. Long term liability

Question 1415:

• WAEC 2017

The accounting concept that provides that accounting statements should not be influenced by personal opinion is

A. Materiality
B. Periodicity
C. Objectivity
D. Conservatism