Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1556:

• WAEC 2021

Accounting concepts are rules of accounting which are to be

A. Taught in all accounting classes
B. Implemented by all professional bodies
C. Followed in the preparation of financial statements
D. Applied in correction of business errors

Question 1557:

• WAEC 2021

Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000


Payment to creditors is

A. ₦ 1,423,000
B. ₦ 1,359,000
C. ₦ 1,333,000
D. ₦ 1,295,000

Question 1558:

• WAEC 2021

Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000


Amount owed to creditors on 31/12/19 is

A. ₦ 406,000
B. ₦ 342,000
C. ₦ 316,000
D. ₦ 226,000

Question 1559:

• WAEC 2021

The objective of preparing departmental account is to determine the

A. Sales of each department
B. Total cost attributable to each department
C. Capital employed by each department
D. Profitability of each department

Question 1560:

• WAEC 2021

The partner who partakes in the management of the firm and assumes personal responsibility for the firm's debts is a

A. General partner
B. Sleeping partner
C. Quasi partner
D. Limited partner