WAEC Accounts - principles of accounts 2015 Past Questions

Which of the following describes a trial balance?

Which of the following is not a feature of accounting information?

Which of the following is the equation for determining net profit or loss from the records of a firm?

Purchase invoice is first entered in the

Assets acquired is recorded by debiting _______?

Goods returned to a supplier is

Which of the following is not a real account?

The accounting ledger for goods sold on credit are debit

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

What is a ledger entry for the sale of plant and machinery on credit to Wilson?

Discount received account is a

Which of the following accounts has a credit balance?

The accounting entry to correct sales day book overcast is?

Which of the following expresses the accounting equation?

When the invoice of a customer is overcast, the supplier will send to him a

Unpresented cheques are cheques_________

The cost of putting goods into a saleable condition is charged to

Which of the following is not a method of depreciating fixed assets?

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

The process of using sales ledger balance to cancel off purchases ledger balance is

Which of the following items is found in the sales ledger control account?

The total of the returns outwards journal is posted to the

Which of the following is a not revealed by a firm's accounting records?

In the balance sheet of a social club, subscription owing is treated as a

The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is

The accounting concept that assumes that a business will continue operating for an indefinite period is

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

Goodwill is recognized in partnership accounts when

In which of the following is not stated in the partnership agreement?

In which of the following accounts is interest on partners capital found?

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

How much was paid for goodwill?

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

The double entry to record the good will in the books is debit

The document which sets out the internal arrangement for the proper management of a company is the

A person who has applied to purchase shares in a company is referred to as ?

Goods stolen at the branch is debited to

Which of the following is a source of revenue for a local government?

The instrument used to release fund which the minister of finance has earlier withheld is

Which of the following relates to cash basis of accounting?

Which of the following is found on the credit side of a partnership's appropriation of profit account?

Which of the following is a spreadsheet application?

The quality of output information depends on the