Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1516:

• WAEC 2020

Doe and Sons Limited would enter the 3% discount in the

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

Question 1517:

• WAEC 2020

A partner who contributes capital but does not participate in the day-to-day running of the business is

A. An active partner
B. A limited partner
C. A nominal partner
D. A sleeping partner

Question 1518:

• WAEC 2020

An example of a real account is

A. Computer Repairs Account
B. Computer Insurance Account
C. Office Computer Account
D. Depreciation of Computer Account

Question 1519:

• WAEC 2020

A non-cash expense chargeable against profit and loss account is

A. Insurance payable
B. Debenture interest.
C. Provision for doubtful debts
D. Rent and rates

Question 1520:

• WAEC 2020

The cost incurred on goods purchased for production which can be traced to a particular unit is classified as


A. Direct labour
B. Direct expenses
C. Direct materials
D. Factory overhead