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WAEC Accounts (Principles of Accounts) questions

297 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 201· Nature and purpose of accounting· WAEC

    An auditor's main duty is to

    Explanation and discussion

  2. Question 202· Nature and purpose of accounting· WAEC

    Bookkeeping differs from accounting in that bookkeeping is mainly

    Explanation and discussion

  3. Question 203· Nature and purpose of accounting· WAEC

    Recording transactions in books of original entry is part of

    Explanation and discussion

  4. Question 204· Nature and purpose of accounting· WAEC

    Which of these users of accounting information is an internal user?

    Explanation and discussion

  5. Question 205· Nature and purpose of accounting· WAEC

    The accounting equation is

    Explanation and discussion

  6. Question 206· Nature and purpose of accounting· WAEC

    A business has assets of ₦850,000 and liabilities of ₦230,000. What is its capital?

    Explanation and discussion

  7. Question 207· Nature and purpose of accounting· WAEC

    Which body regulates financial reporting standards in Nigeria?

    Explanation and discussion

  8. Question 208· Nature and purpose of accounting· WAEC

    Which of these users of accounts is interested mainly in whether a business can repay its loans?

    Explanation and discussion

  9. Question 209· Partnership accounts· WAEC

    A partnership deed normally states

    Explanation and discussion

  10. Question 210· Partnership accounts· WAEC

    Goodwill arises when a business is worth more than its

    Explanation and discussion

  11. Question 211· Partnership accounts· WAEC

    A partner's current account records

    Explanation and discussion

  12. Question 212· Partnership accounts· WAEC

    Where there is no partnership agreement, profits and losses are shared

    Explanation and discussion

  13. Question 213· Partnership accounts· WAEC

    Fluctuating capital accounts mean that

    Explanation and discussion

  14. Question 214· Partnership accounts· WAEC

    Partner A has a salary of ₦6,000 and interest on capital of ₦2,000, and drew ₦5,000. His current account opens with nil. Ignoring his share of the remaining profit, the closing balance is

    Explanation and discussion

  15. Question 215· Partnership accounts· WAEC

    Interest on a partner's drawings is

    Explanation and discussion

  16. Question 216· Partnership accounts· WAEC

    Where there is no partnership agreement, interest on partners' capital is

    Explanation and discussion

  17. Question 217· Partnership accounts· WAEC

    A and B share profits 3:2. Net profit after interest and salaries is ₦50,000. A's share is

    Explanation and discussion

  18. Question 218· Partnership accounts· WAEC

    A and B share profits 3:2. Profit is ₦50,000. A's share is

    Explanation and discussion

  19. Question 219· Partnership accounts· WAEC

    Goodwill is

    Explanation and discussion

  20. Question 220· Partnership accounts· WAEC

    Interest on partners' capital is

    Explanation and discussion

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