Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1581:

• WAEC 2021

Lima paid off debt of D2,500 owed to Dongo by cash. The entries in lima's book are: debit

A. Cash D2,500; credit Dongo D2,500
B. Dongo D2,500; credit cash D2,500
C. Bad debt D2,500; credit Dongo D2,500
D. Dongo D2,500; credit bad debt D2,500

Question 1582:

• WAEC 2021

Accounting evolved out of the need of businesses for

A. Profit making
B. Record keeping
C. Increasing sales
D. Obtaining finance

Question 1583:

• WAEC 2021

Sales account was undercast by GH¢ 1,000. When this is corrected, both the gross profit and the net profit would

A. Increase by GH¢2,000
B. Increase by GH¢l,000
C. Decrease by GH¢l,000
D. Decrease by GH¢2,000

Question 1584:

• WAEC 2021

Use the following information to answer this question
Le
Sales for the year 450,000
Purchases for the year 230,000
Opening stock 60,000
Closing stock 40,000


The stock turnover period is

A. 88 days
B. 73 days
C. 58 days
D. 41 days

Question 1585:

• WAEC 2021

Use the following information to answer this question
Le
Sales for the year 450,000
Purchases for the year 230,000
Opening stock 60,000
Closing stock 40,000


The mark-up is

A. 88%
B. 80%
C. 44.44%
D. 26.67%