Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1536:

• WAEC 2020

In a situation of incomplete records, profit is determined as

A. Closing capital drawings opening capital
B. Closing capital- drawings-opening capital
C. Closing capital drawings - opening capital
D. Closing capital drawings + opening capital

Question 1537:

• WAEC 2020

The document which serves as the authority to incur expenditure in the public sector is

A. Warrant
B. Vote
C. Budget
D. Voucher

Question 1538:

• WAEC 2020

A debit balance of N420 on the purchases ledger control account means that the

A. Trade creditors were overpaid by N420
B. Trade creditors are owed N420
C. Goods returned to trade creditors amounted to N420
D. Total supplies from trade creditors amounted to N420

Question 1539:

• WAEC 2020

(a) Outline two differences between bookkeeping and accounting
(b) List one source document used for each of the following transactions:
i. sales
ii. purchases
iii. cash deposit
iv. salary
v. returns outwards
(c) State three purposes of source documents

Question 1540:

• WAEC 2020

(a)What is a not-for-profit making organization?
(b) Outline two differences between a for-profit organization and a not-for-profit making organisation.
(c) Explain the following sources of funding in a not-for-profit making organisation:
i. subscription
ii. life membership fee
iii. entrance fee
iv. donation