Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1466:

• WAEC 2019

Sulah took two textile materials worth N500 from his business for his children's use. This would be treated as

A. Loan
B. Stock
C. Drawings
D. Sales

Question 1467:

• WAEC 2019

Quick ratio is calculated as X-y:z, where

A. X= stock; y=current assets and z= long-term liabilities
B. X = current assets; y = debtors and z= current liabilities.
C. X=current assets; y= stock and z=current labilities
D. X= debtors; y= stock and z=current assets.

Question 1468:

• WAEC 2019

Use the following information to answer the question below
Opening capital ---10,800
Drawings----------- 2,500
Trade creditors ----2,560
Trade debtors ------2,880
Cash in hand -------1,000
Net profit------------- 6,000

The closing capital is

A. 16,800
B. 14,300
C. 8,300
D. 7300

Question 1469:

• WAEC 2019

Use the following information to answer the question below
Opening capital ---10,800
Drawings----------- 2,500
Trade creditors ----2,560
Trade debtors ------2,880
Cash in hand -------1,000
Net profit------------- 6,000

The working capital is

A. 6,440
B. 3,880
C. 3,500
D. 1,320

Question 1470:

• WAEC 2019

In a single-entry accounting, purchases are ascertained using a

A. Trading account
B. Debtors control account
C. Statement of affairs
D. Creditors control account