Waec Accounts - Principles of Accounts Past Questions and Answers

Question 266:

• WAEC 1994

Which of the following errors will not allow a trial balance to agree?

A. Where a transaction is completely omitted from the books
B. Where the correct amount is entered but in the wrong account
C. Where the figure entered on one side is different from the one entered on the other side
D. Where an item is entered in the wrong class of account
E. Where the correct amount is used but each item is shown on the wrong side of the account

Question 267:

• WAEC 1994

Profit expressed as a proportion of cost price is known as

A. Grss profit
B. Profit make-up
C. Profitt margin
D. Profit percentage
E. Profit ratio

Question 268:

• WAEC 1994

Bosun bought goods worth N500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?

A. N100
B. N125
C. N500
D. N600
E. N625

Question 269:

• WAEC 1994

Which of the following does not appear on the debit side of a company's profit and loss appropriation account?

A. Compny tax
B. Unappropriated surplus
C. Proposed dividend
D. Transfer to rserve
E. Interim dividend paid

Question 270:

• WAEC 1994

Which of the following is not a profit and loss appropriation account item?

A. Staff salaries
B. Interest on capital
C. Interest on money advanced by partners
D. Share of profit
E. Interest and drawings