Waec Accounts - Principles of Accounts Past Questions and Answers

Question 191:

• WAEC 1993

The books of accounts are opened by means of a

A. Sales journal
B. Principle journal
C. Purchases journal
D. Return inwards journal
E. Return outwards journal

Question 192:

• WAEC 1993

Which of the following is true of trade discounts?

A. They are recorded in the ledger only
B. They are not different from cash discount
C. They are recorded in journal onlu
D. They are recorded in ledgers and journals
E. Each discount receives double entries

Question 193:

• WAEC 1993

Return inwards was understated. The effect is that

A. Amount of goods available was understated
B. Cost of sales was understated
C. Amount of purchase returns was understated
D. Amount of sales was understated
E. Amount of sales returns was understated

Question 194:

• WAEC 1993

Which of the following is not contained in the sales ledger control account?

A. Receipts from debtors
B. Returns inwards
C. Returns outwards
D. Dishonoured cheque
E. Discunt allowed

Question 195:

• WAEC 1993

Which of the following is a credit item on an income and expenditure account?

A. Bar expenses
B. Electricity
C. Salaries
D. Subscription
E. Rates