Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1416:

• WAEC 2017

Which of the following accounts are found in the nominal ledger?
I. Advertising
ll.Motor repairs
lll. Additions to the motor vehicle

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

Question 1417:

• WAEC 2017

A suspense account is used in the

A. Prevention of errors
B. Correction of errors
C. Detection of errors
D. Creation of errors

Question 1418:

• WAEC 2017

A credit purchase of N200 from P. Osae was posted to the account of P. Osei. This is an error of

A. Principle
B. Commission
C. Omission
D. Original entry

Question 1419:

• WAEC 2017

Discount allowed on goods invoiced at N100,000 was calculated at the rate of 20% instead of 10%. The error is corrected by debiting

A. Customer account with N20,000 crediting discount allowed with N20,000
B. Discount allowed with N10,000; crediting customer's account with N10,000
C. Customer's account with N10,000, crediting discount allowed with N10,000
D. Discount allowed with N20,000, crediting cash with N20,000

Question 1420:

• WAEC 2017

The balance sheet equation shows

A. Current assets minus current liabilities
B. The difference between fixed assets and current liabilities
C. Assets and sources of financing them
D. Sources of funding owner's equity