Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1501:

• WAEC 2020

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

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

Question 1502:

• WAEC 2020

Use the following information to answer the question below
Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors

The net figure for debtors in the balance sheet is

A. Le 47,025
B. Le 46,550
C. Le 45,600
D. Le 45,500

Question 1503:

• WAEC 2020

Use the following information to answer the question below
Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500

New provision for doubtful debts to stand at 5% of debtors
The net figure for debtors in the balance sheet is

A. Le 47,025
B. Le 46,550
C. Le 45,600
D. Le 45,500

Question 1504:

• WAEC 2020

Income received in advance is treated in the balance sheet as a

A. Current liability
B. Current asset
C. Long-term liability
D. Fixed asset

Question 1505:

• WAEC 2020

Discount allowed N2,000;
Bad debts 1,000
Cheque received from customers 24,000
Returns inwards 500;
Sales ledger balance at the beginning 2.000

The amount of sales is

A. N29,500
B. N26,000
C. N25,500
D. 24,000