Accounts Past Questions | West African Examinations Council (WAEC)

Question 41

Use the information to answer the question given.

$\begin{array}{cc}\text{Branch stock account (at selling price)}& D346,000-debit\\ \text{Branch mark-up account}& D62,000-credit\end{array}$

The concept applied in calculating the stock figure to be included in the balance sheet at the year end is

Options

A) matching

B) consistency

C) prudence

D) entiti

The correct answer is A.

Question 42

subscription in advance is classified in the balance sheet as

Options

A) an asset

B) a liability

C) a deficit

D) a surplus

The correct answer is B.

Question 43

Which of the following item is not treated in the profit and loss account?

Options

A) office expenses

B) salaries and allowances

C) carriage inwards

D) discounts allowed

The correct answer is B.

Question 44

The document prepared by a local/district government to present its annual estimates for a planning period is

Options

A) a balance sheet

B) a budget

C) an income and expendiure account

D) a cash bppk

The correct answer is B.

Question 45

A manufacturing account is drawn up by

Options

A) firms providing personal services

B) firms engaged solely in buying nad selling of goods

C) firms which makes and sell articles

D) non-trading organization

The correct answer is C.

Question 46

Which of the following is not a factory overhead cost? manufacturing wages

Options

A) manufacturing wages

B) factory rent

C) depreciation of machinery

D) salary of factory guard

The correct answer is A.

Question 47

A collection of fields relating to one logically definable unit of business information is known as

Options

A) data

B) character

C) byte

D) record

The correct answer is A.

Question 48

The principle of double enter bookkeeping states that

Options

A) every debtor must have a creditor

B) every account debiyed must be immediately credited

C) for every debit entry, there must be a corresponding credit entry

D) for every double debit, there must be a double credit

The correct answer is C.

Question 49

The distinguishing feature between a two-column cash book is

Options

A) discount column

B) cash column

C) bank column

D) ledger folio

The correct answer is A.

Question 50

The lodgement of business cash into the business bank account is an example of

Options

A) contra entry

B) bank reconciliation

C) self-balancing ledger

D) reversal entry

The correct answer is A.

Question 51

Which of the following is not a characteristic of trial balance?

Options

A) it has columns for debit and credit balances

B) total of debit balance equals total of credit balance

C) it is a statement

D) it is an account

The correct answer is D.

Question 52

The capital of a sole trader changes as a result of

Options

A) paying wages by cash

B) equipment purchased by cheque

C) drawing by cheque

D) purchase on credit

The correct answer is C.

Question 53

A credit balance is

Options

A) a liability or an expense

B) an expenditure or an income

C) an asset or an expense

D) an income

The correct answer is B.

Question 54

The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing

Options

A) I, ii, iii and iv

B) ii, iii, i and iv

C) iii, i, ii and iv

D) iv, iii, ii and iv

The correct answer is C.

Question 55

A dishonored cheque is

Options

A) debited in cash book

B) credited in the cash book

C) double entry in the cash book

D) credited in the bank book

The correct answer is A.

Question 56

A petty cashier received a float of GHC 84. The imprest is

Options

A) GHC 204

B) GHC 120

C) GHC 84

D) GHC 36

The correct answer is D.

Question 57

Which of the following is not a book of original entry?

Options

A) cash book

B) purchases ledger returns

C) returns outwards journal

D) general journal

The correct answer is B.

Question 58

Options

A) 1.87 : 1

B) 1 : 1.87

C) 1 : 2

D) 2 : 1

The correct answer is A.

Question 59

Options

A) ₦ 740,000

B) ₦ 580,000

C) ₦ 370,000

D) ₦ 280, 000

The correct answer is C.

Question 58

Options

A) 17.2%

B) 16.2%

C) 15.2%

D) 11.2%

The correct answer is B.

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