Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1566:

• WAEC 2021

An amount set aside out of profit for a specific purpose is a

A. Reserve
B. Liability
C. Provision
D. Discount

Question 1567:

• WAEC 2021

A business includes 50% mark-up on all its products. This would mean margin of

A. 66 2/3%
B. 66 1/3%
C. 33 2/3%
D. 33 1/3%

Question 1568:

• WAEC 2021

Use the following information to answer this question
GH¢
Gross profit 50,400
Discounts relieved 3,300
Discounts allowed 2,500
Net profit 26,500
Cost of goods sold 184,000


Sales for the period is

A. GH¢234,400
B. GH¢210,500
C. GH¢133,600
D. GH¢76,900

Question 1569:

• WAEC 2021

Use the following information to answer this question
GH¢
Gross profit 50,400
Discounts relieved 3,300
Discounts allowed 2,500
Net profit 26,500
Cost of goods sold 184,000


Other operating expenses for the period is

A. GH¢27,300
B. GH¢25,700
C. GH¢24,700
D. GH¢23,900

Question 1570:

• WAEC 2021

All cash transactions of a not-for-profit making organization are recorded in

A. Three-column cash book
B. Income and expenditure account
C. Subscriptions account
D. Receipts and payments account