Waec Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• WAEC 1989

Which of the following in a classified form contains a permanent record of all transactions? The

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

Question 22:

• WAEC 1989

When a buyer returns damages goods to the seller, the buyer receives a

A. Proforma invoice
B. Credit note
C. Debit note
D. Consiment note
E. Goods return note

Question 23:

• WAEC 1989

Trade discount is

A. Allowance for prompt payment
B. Allowance for damaged goods
C. Allowance off price list
D. Discount on creditors
E. Discount on debitors

Question 24:

• WAEC 1989

Pending the location of error, the difference disclosed in the trial balance is normally posted to

A. An adjustment account
B. A control account
C. A suspense account
D. A profit and loss account
E. A trading account

Question 25:

• WAEC 1989

Which of the following is not true of capital expenditure? i. assets acquired for the purpose of earning income ii. extension of office building iii. it is incurred and its full benefits consumed in one period of account

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