Accounts Past Questions | West African Examinations Council (WAEC)

Question 1

An unfavourable balance of trade for a country means that her?

Options

A) exports exceed imports

B) visible exports exceed invisible import

C) invisible exports exceed visible exports

D) imports and exports are equal

The correct answer is B.

Question 2

A chain store is known as?

Options

A) department store

B) multiple store

C) supermarket

D) hypermarket

The correct answer is B.

Question 3

The source document used to make entries in the purchase day book is

Options

A) debt note

B) credit note

C) invoice

D) receipt

The correct answer is C.

Question 4

A book that contains individual accounts of suppliers is the

Options

A) purchase ledger

B) general ledger

C) nominal ledger

D) sales ledger

The correct answer is A.

Question 5

In the operation of an imprest of petty cash, the

Options

A) petty cashier pays all expenses

B) petty cashier pays money to the accuntant

C) petty cashier regularly begins each period with the same amount of money

D) main cashier accounts to the petty cashier for some experiences made by him

The correct answer is A.

Question 6

An example pf a credit entry in a profit and loss account is

Options

A) carriage inwards

B) carriage outwards

C) discounts allowed

D) discounts received

The correct answer is D.

Question 7

Which of the following subsidiary books involves cash movements?

Options

A) sales day book

B) purchases day book

C) returns inwards book

D) petty cash book

The correct answer is D.

Question 8

The accounting treatment for a dishonored cheque is; debt

Options

A) customer's account; credit bank account

B) bank account; credit customer's account

C) customer's account; credit sales account

D) sales account; credit customer account

The correct answer is B.

Question 9

Net turnover is referred to as

Options

A) purchases

B) assets

C) sales

D) profits

The correct answer is C.

Question 10

Which of the following transactions will result in disagreement between the cash book and the bank statements?

Options

A) selling of goods on credit to a customer

B) withdrawal of goods by the proprietor for his personel use

C) cheque paid directly into the bank account by a customer

D) omission of purchase of purchases received from a supplier on credit

The correct answer is C.

Question 11

Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is

Options

A) an error of omission

B) a compensating error

C) an error of commision

D) an error of principal

The correct answer is A.

Question 12

Which of the following is used to record the disposal of a fixed asset?

Options

A) journal proper

B) petty cash book

C) sales day book

D) purchase day book

The correct answer is A.

Question 13

An error of principle is made, if

Options

A) an entry has been made on the wrong class of account

B) a ransaction has been completely omitted

C) an entry has been made on the wrong side of the two accounts corcened

D) a transaction is entered in both accounts for the wrong amount

The correct answer is A.

Question 14

Which of the following is entered in the general journal?

Options

A) purchase of goods

B) sale of goods on credit

C) returns inward

D) aquisition of fixed assets

The correct answer is D.

Question 15

Use the following information to answer the question given:

$\begin{array}{cc}\text{Cost of motor vehicle - 1112}& ₦85,000\\ \text{Residual value}& ₦5,000\\ \text{Estimated useful lifespan 10 years}& \end{array}$

.

The business make use of the straight line method for providing depreciation, the annual depreciation is

Options

A) ₦9,000

B) ₦8,500

C) ₦8,000

D) ₦6,500

The correct answer is C.

Question 16

Use the information to answer the question given:

$\begin{array}{cc}\text{Cost of motor vehicle - 1112}& ₦85,000\\ \text{Residual value}& ₦5,000\\ \text{Estimated useful lifespan 10 years}& \end{array}$

.

The business make use of the straight line method for providing depreciation, the accumulated depreciation as at 31/12/2013 is

Options

A) ₦18,500

B) ₦17,000

C) ₦16,000

D) ₦8,000

The correct answer is C.

Question 17

The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as

Options

A) an acquisition of fixed asset

B) an expense in its general office expense account

C) part of capital in the capital account

D) an acquisition of stock

The correct answer is D.

Question 18

Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account

Options

A) i, ii and iii only

B) i, iii and iv only

C) ii, iii and iv only

D) iii and iv only

The correct answer is D.

Question 19

Net profit in a business is

Options

A) the amount of money taken out of the business by the owner

B) the cash in the business bank account

C) the difference between sales and cost of sales

D) sales revenue less cost of sales expenses

The correct answer is D.

Question 20

which of the following is not an administrative expenses in a manufacturing organization?

Options

A) discounts allowed

B) office electricity

C) stationery

D) insurance

The correct answer is C.

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