Waec Accounts - Principles of Accounts Past Questions and Answers

Question 246:

• WAEC 1994

A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are

A. Debit cash account N5,200, credit suspense account N5,200
B. Credit cash account N5,200, debit suspense account N5,200
C. Debit cash account N2,600, credit suspense account N2,600
D. Credit cash account N2,600, debit suspense account N2,600
E. Credit cash account N2,600, debit bank account N2,600

Question 247:

• WAEC 1994

When a buyer is undercharged, the seller forwards

A. Undercast note
B. Consignment invoice
C. Purchases in voice
D. Debit note
E. Credit note

Question 248:

• WAEC 1994

Cash discount is given for

A. Buying in large quantity
B. Prompt settlement of account
C. Being a regular customer
D. Introducing other customers
E. Sales returns

Question 249:

• WAEC 1994

Cash discount is given for

A. Buying in large quantity
B. Prompt settlement of account
C. Being a cash reqular customer
D. Introducing other customers
E. Sales returns

Question 250:

• WAEC 1994

Where there is no partnership agreement, any contribution in excess of the agree capital attracts

A. No interest at all
B. Interest at the rate of 2\(\frac{1}{2}\)% per annum
C. Interest at the rate 5% per anuum
D. Interest at all
E. Interest at the per annum