Waec Accounts - Principles of Accounts Past Questions and Answers

Question 201:

• WAEC 1993

Cash stolen from branch-taking s is recorded in the Head Office books by debiting

A. Defalcations account and crediting branch stock acccount
B. Mark-up account and crediting branch stock account
C. Defalcations account and crediting profit and loss account
D. Cash account and crediting branch stock account
E. Branch stock account and crediting defalcations account

Question 202:

• WAEC 1993

A trial balance is a proof of accuracy of

A. Transactions
B. Final accounts
C. Double entry in the ledger
D. Trading account
E. Balance sheet

Question 203:

• WAEC 1993

The term bad debts means debts

A. Recorded in wrong account
B. Owed by an employee
C. Paid with fake currency
D. That cannot be collected
E. Owed by a supplier

Question 204:

• WAEC 1993

The equivalent of a club's Receipt and payment account is

A. Cash account
B. Revenue account
C. Trading account
D. Suspense account
E. Profit and loss account

Question 205:

• WAEC 1993

Goodwill is

A. A current asset
B. A current liability
C. A long term liability
D. A fictitious asset
E. An intangible asset