Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1546:

• WAEC 2020

Yallawa Stores Ltd has two departments. The following balances Were extracted from its books as at 31st December 2017.
Purchases: Department A 720,000
Department B 520,000
Rent and rates 50,000
Commission 55,000
Insurance 5,000
Sales: Department A 1,500,000
Department B 1,250,000
Discount received 124,000
Advertising 20,000
Salaries and wages 250,000
Depreciation 35,000
Administration and general expenses 50,000
Opening stock: Department A 150,000
Department B 100,000
CIosing stock: Department A 175,000
Department B 142,000
Additional information: Expenses are to be apportioned to the departments as follows
i. commission on the basis of sales:
ii. salaries and wages - 3:2 for Department A and B respectively
iii. discount received - 10% of purchases
iv. other expenses are to be apportioned equally.
You are required to prepare a Departmental Trading, Profit, and Loss Account for the year ended 31st December 2017.

Question 1547:

• WAEC 2021

The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is

A. Le260,000
B. Le200,000
C. Le140,000
D. Le60,000

Question 1548:

• WAEC 2021

A transaction that would cause the cash book balance to be less than the bank statement balance is

A. Direct debit
B. Standing order
C. Bank charges
D. Unpresented cheques

Question 1549:

• WAEC 2021

Suspense account is used in the correction of

A. All errors in the trial balance
B. Errors that affect the agreement of a trial balance
C. Errors that do not affect the agreement of a trial balance
D. Errors that affect the accuracy of the net profit

Question 1550:

• WAEC 2021

Use the following information to answer this question
GH¢
Monthly rent payable 3,000
Rent paid on 01/01/2018 48,000
The balance of rent in the balance sheet would be

A. Current asset of GH¢36,000
B. Current asset of GH¢12,000
C. Current liability of GH¢12,000
D. Current liability of GH¢48,000