Waec Accounts - Principles of Accounts Past Questions and Answers

Question 301:

• WAEC 1995

The undistributed profits of a limited liability company is

A. Goodwill
B. Working capital
C. Net profit
D. Rtained earings
E. Net loss

Question 302:

• WAEC 1995

Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of

A. Principle
B. Original entry
C. Omission
D. Commission
E. Compensation

Question 303:

• WAEC 1995

A list of balance extracted from the ledger is known as

A. Balance sheet
B. Statement of affairs
C. Trading account
D. Profit and losss account
E. Trial balance

Question 304:

• WAEC 1995

Provision for depreciation on office furniture is charged to

A. Capital account
B. Profit and loss appropriation account
C. Trading account
D. Profit and loss account
E. Manufacturing account

Question 305:

• WAEC 1995

Which of the following is not a cause discrepancy between cash book and bank statement balances?

A. Deposits in transit
B. Standing order
C. Paid cheques
D. Dishonoured cheque
E. Uncredited cheques