Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1511:

• WAEC 2020

The accounting equation of a business shows the


A. Current assets and current liabilities only
B. Difference between current assets and liabilities
C. Assets and the sources of financing them
D. Owner's interest in the business only

Question 1512:

• WAEC 2020

The internal users of accounting information are the

A. Creditors
B. Employees
C. Investors
D. Customers

Question 1513:

• WAEC 2020

A computer set bought for150,000 was disposed of for N45,000 after some years of use. The profit on disposal was 7,500. Accumulated depreciation at the time of disposal was

A. 112,500
B. N105,000
C. N97,50o
D. N37,500

Question 1514:

• WAEC 2020

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date


The cash paid by Kwamenah was

A. Le 43,650
B. Le 43,500
C. Le 37,800
D. Le 36,660

Question 1515:

• WAEC 2020

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.

Kwamenah would record the 10% discount in the


A. Sales journal
B. Cash book
C. Purchases journal
D. Journal proper