Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1491:

• WAEC 2019

Explain the following items and outline how they are treated in the final accounts:
(a) increase in provision for doubtful debts
(b) decrease in provision for doubtful debts
(c) provision for discount on debtors
(d) provision for discount on creditors
(e) provision for depreciation

Question 1492:

• WAEC 2019

(a) What are closing entries?
(b) Distinguish between a branch and a department.
(c) State four reasons for the preparation of branch accounts.

Question 1493:

• WAEC 2019

(a) State three effects of drawings on the business of a sole proprietor.
(b) Explain how the following items are treated in the balance sheet:
i. accrued expenses
ii. prepaid expenses
iii. accrued income.

Question 1494:

• WAEC 2019

(a) Outline three reasons for which a cheque would be dishonored.
(b) Explain the following terms:
i. petty cash float.
ii. contra entries.
iii. imprest system
(c) State three advantages of keeping petty cash book using imprest system.

Question 1495:

• WAEC 2019

The following transactions were extracted from the books of Adamu, a sole trader for the month of March 2016.
March 4: Sold 80 bags of maize on credit to Papuk at N255 per bag subject to a trade discount of 5%.
March 10: Sold goods on credit to Abass for N1,170.
March 15: Received a cheque from Papuk for the amount due, less a discount of 10%.
March 20: Received cash of N900 from Abass.
You are required to prepare:
(a) Sales Journal;
(b) Customers' Accounts in the Sales Ledger;
(c) Sales Ledger Control Account