Waec Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• WAEC 1989

A sales for N2,570 was recorded in the day book as N2,750. The error committed was

A. Compensating error
B. Error of omission
C. Error of principle
D. Error of original entry
E. Erroe of transportation

Question 12:

• WAEC 1989

Which of the following would be posted to the proprietor's capital account?

A. Gross sales
B. Gross profit
C. Net sales
D. Net profit
E. Manufacturing profit

Question 13:

• WAEC 1989

The drawings account of a sole proprietorship is transferred to the

A. Capital account
B. Debit side of the trading account
C. Credit side of the prfit and loss account
D. Current liabilities in the balance sheet
E. Current assets in the balance sheet

Question 14:

• WAEC 1989

A business marked up its cost by 50%. This would mean a gross profit of

A. 33\(\frac{1}{3}\)% on the cost price
B. 50% on the selling price
C. 66 \(\frac{2}{3}\)% on the selling price
D. 66\(\frac{2}{3}\)% on the market price
E. 33\(\frac{1}{3}\)% on the selling price

Question 15:

• WAEC 1989

Which of the following show s the stock at the start of an accounting period?

A. Appropriation account
B. Current assets in the balance sheet
C. Current liabilities in the balance sheet
D. Tradng account
E. Profit and loss account