Waec Accounts - Principles of Accounts Past Questions and Answers

Question 161:

• WAEC 1992

Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the

A. Ledger
B. Principal journal
C. Cash book
D. Purchases day book
E. Sales day book

Question 162:

• WAEC 1992

Impersonal real accounts include. i. expenditure on telephone ii. motor vehicles iii. expenses on telegram iv. land and buildings

A. I and iii
B. Iii and iv
C. Ii and iv
D. I, ii and iii
E. I, ii, iii and iv

Question 163:

• WAEC 1992

In a professional partnership, membership must be between

A. 2 and 8
B. 2 and 10
C. 2 and 50
D. 2 and any number
E. 2 and 20

Question 164:

• WAEC 1992

A private limited company is that which i. restricts the right to transfer its share. ii. has a minimum of seven members. iii. limits membership to fifty. iv. offers its shares for sale to the public

A. I and ii
B. Ii and iv
C. I and iv
D. Ii and iii
E. I and iii

Question 165:

• WAEC 1992

One of the advantages of control account is that

A. All errors are localised tus reducing delays in balancing accounts
B. All erroes are generalized thus reducing delays in balancing accounts
C. Book keepers cannot make mistakes
D. All errors are posted into the account
E. All cash transactions are posted into the accounts