Question 1
The source document used to make entries in the purchase day book is
Objective
WAEC Accounts - principles of accounts 2014 Past Questions
Practice each question, then open it to see the full details.
Question 2
A book that contains individual accounts of suppliers is the
Objective
Question 3
In the operation of an imprest of petty cash, the
Objective
Question 4
An example of a credit entry in a profit and loss account is
Objective
Question 5
Which of the following subsidiary books involves cash movements?
Objective
Question 6
The accounting treatment for a dishonored cheque is; debit
Objective
Question 7
Net turnover is referred to as
Objective
Question 8
Which of the following transactions will result in disagreement between the cash book and the bank statements?
Objective
Question 9
Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is
Objective
Question 10
Which of the following is used to record the disposal of a fixed asset?
Objective
Question 11
An error of principle is made, if
Objective
Question 12
Which of the following is entered in the general journal?
Objective
Question 13
Us the following information to answer the question given.
\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000 \\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the annual depreciation is
\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000 \\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the annual depreciation is
Objective
Question 14
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000\\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the accumulated depreciation as at 31/12/2013 is
\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000\\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the accumulated depreciation as at 31/12/2013 is
Objective
Question 15
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as
Objective
Question 16
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
Objective
Question 17
Net profit in a business is
Objective
Question 18
which of the following is not an administrative expenses in a manufacturing organization?
Objective
Question 19
Which of the following items is not contained in the Receipts and Payments Account?
Objective
Question 20
The accounting concept underlying the treatment of personal expenses of the business owner as drawing is
Objective
Question 21
The sum of direct cost in a manufacturing account is
Objective
Question 22
When an asset is sold, the entries for the accumulated depreciation are; debit
Objective
Question 23
A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?
Objective
Question 24
In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a
Objective
Question 25
The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is
Objective
Question 26
When shares are issued above their nominal value, the excess above the nominal value is
Objective
Question 27
Shares issued below nominal value are referred to as shares at
Objective
Question 28
Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le \\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. The divisible profit is
\(\begin{array}{c|c} Capital & Le \\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. The divisible profit is
Objective
Question 29
Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le\\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\).
Profit sharing is in the ratio of capital. Aye;s share of profit is
\(\begin{array}{c|c} Capital & Le\\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\).
Profit sharing is in the ratio of capital. Aye;s share of profit is
Objective
Question 30
Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le\\ Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \{text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. Bee's share of profit is
\(\begin{array}{c|c} Capital & Le\\ Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \{text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. Bee's share of profit is
Objective
Question 31
The accounting ratio used to measure the average number of days for which suppliers remain unpaid is
Objective
Question 32
When the purchase consideration exceeds the value of business, the difference is
Objective
Question 33
The primary classification of government expenditure is based on
Objective
Question 34
An example of input devices of a computer is
Objective
Question 35
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
Objective
Question 36
A company made a net profit of ₦2,000,000 for the year and its net profit percentage is 25%. What is the total sales for the year?
Objective
Question 37
Which of the following information is recorded in the returns outwards book?
Objective
Question 38
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
Calculate the stock figure to be included in the balance sheet at the year end
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
Calculate the stock figure to be included in the balance sheet at the year end
Objective
Question 39
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
The concept applied in calculating the stock figure to be included in the balance sheet at the year end is
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
The concept applied in calculating the stock figure to be included in the balance sheet at the year end is
Objective
Question 40
subscription in advance is classified in the balance sheet as
Objective
Question 41
Which of the following item is not treated in the profit and loss account?
Objective
Question 42
The document prepared by a local/district government to present its annual estimates for a planning period is
Objective
Question 43
A manufacturing account is drawn up by
Objective
Question 44
Which of the following is not a factory overhead cost?
Objective
Question 45
A collection of fields relating to one logically definable unit of business information is known as
Objective
Question 46
The principle of double entry bookkeeping states that
Objective