Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1421:

• WAEC 2017

The effect on profit when the closing stock is understated is

A. Increase in profit
B. Decrease in profit
C. No change in profit
D. Appropriation of profit

Question 1422:

• WAEC 2017

Customers use the financial position of a company to

A. Assess the financial position of the business
B. Regulate their activities
C. Ascertain the taxable profit of the business
D. Be sure of the extent of job security

Question 1423:

• WAEC 2017

The claim on the assets of a business by outsiders is

A. Capital
B. Liabilities
C. Reserves
D. Provisions

Question 1424:

• WAEC 2017

A document sent by a bank to its current account customers detailing their transactions over a given period is

A. Bank reconciliation statement
B. Bank statement
C. Credit transfer
D. Banker's advice

Question 1425:

• WAEC 2017

Which of the following items will not be entered in the adjusted cash book?

A. Dishonoured cheques
B. Direct payments to bank
C. Uncredited cheques
D. Standing order payments