WAEC Accounts (Principles of Accounts) questions

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

1. Question 221· Partnership accounts· WAEC

   A and B share profits 2 : 1 after interest on capital of ₦20,000 to A and ₦10,000 to B. Net profit is ₦180,000. Find A's total share.

   • A₦100,000
   • B₦120,000
   • C₦140,000
   • D₦60,000

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2. Question 222· Partnership accounts· WAEC

   Goodwill is usually valued in a partnership when

   • Aa new partner is admitted
   • Bstock is counted
   • Cwages are paid
   • Da cheque is dishonoured

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3. Question 223· Partnership accounts· WAEC

   Interest on drawings charged to a partner is

   • Aa business expense
   • Bdeducted from profit available for sharing
   • Cpaid to the partner
   • Dadded to profit available for sharing

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4. Question 224· Petty cash and the imprest system· WAEC

   The imprest system of petty cash means that

   • Athe cashier keeps all receipts
   • Bpetty cash is never balanced
   • Cthe petty cashier is given a fixed float that is restored at the end of each period
   • Dcash is banked daily

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5. Question 225· Petty cash and the imprest system· WAEC

   An advantage of the imprest system is that

   • Alarge payments are made faster
   • Bno vouchers are needed
   • Cthe petty cashier's spending can be checked easily
   • Dbank reconciliation is avoided

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6. Question 226· Petty cash and the imprest system· WAEC

   The imprest is ₦15,000 and ₦11,200 was spent. The amount to restore the imprest is

   • A₦26,200
   • B₦3,800
   • C₦15,000
   • D₦11,200

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7. Question 227· Petty cash and the imprest system· WAEC

   The petty cash imprest is ₦20,000 and ₦14,500 was spent during the month. How much is needed to restore the imprest?

   • A₦20,000
   • B₦5,500
   • C₦14,500
   • D₦34,500

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8. Question 228· Petty cash and the imprest system· WAEC

   The person in charge of the petty cash book is the

   • Abank manager
   • Bauditor
   • Cchief cashier only
   • Dpetty cashier

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9. Question 229· Petty cash and the imprest system· WAEC

   At the end of a month a cheque for ₦9,200 restores the petty cash float to ₦15,000. How much was in the petty cash box before it was restored?

   • A₦5,800
   • B₦9,200
   • C₦15,000
   • D₦24,200

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10. Question 230· Petty cash and the imprest system· WAEC

    Under the imprest system, the petty cashier

    • Arecords no payments
    • Bkeeps all cash received
    • Cis restored to a fixed float at the start of each period
    • Dpays large bills

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11. Question 231· Petty cash and the imprest system· WAEC

    The petty cash book is used mainly for

    • Acredit sales
    • Bsmall, frequent expenses
    • Ccapital expenditure
    • Dloans

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12. Question 232· Petty cash and the imprest system· WAEC

    Analysis columns in the petty cash book are used to

    • Acalculate depreciation
    • Brecord sales
    • Cshow bank charges
    • Dgroup payments by type of expense

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13. Question 233· Petty cash and the imprest system· WAEC

    The analysis columns of the petty cash book help to

    • Acalculate depreciation
    • Bgroup small expenses for posting to the ledger
    • Crecord credit purchases
    • Dprepare the bank statement

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14. Question 234· Petty cash and the imprest system· WAEC

    The imprest is ₦10,000 and ₦7,200 was spent during the month. The amount needed to restore the imprest is

    • A₦17,200
    • B₦2,800
    • C₦10,000
    • D₦7,200

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15. Question 235· Petty cash and the imprest system· WAEC

    The analysis columns in a petty cash book help to

    • Arecord bank charges
    • Bgroup similar expenses for posting to the ledger
    • Ccalculate depreciation
    • Drecord sales

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16. Question 236· Petty cash and the imprest system· WAEC

    A petty cash voucher is used to

    • Apay salaries
    • Border goods
    • Crecord credit sales
    • Dsupport each petty cash payment

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17. Question 237· Petty cash and the imprest system· WAEC

    Which of these is a suitable petty cash payment?

    • Apostage stamps
    • Bpurchase of a delivery van
    • Cmonthly salaries
    • Da loan repayment

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18. Question 238· Public sector accounting· WAEC

    In public sector accounting, a warrant authorises

    • Aan audit
    • Bthe collection of taxes
    • Can arrest
    • Dthe release of funds for expenditure

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19. Question 239· Public sector accounting· WAEC

    The Consolidated Revenue Fund is

    • Athe main account into which government revenue is paid
    • Ba private bank account
    • Ca pension fund
    • Da loan account

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20. Question 240· Public sector accounting· WAEC

    Public sector accounting differs from private sector accounting because it

    • Ahas no audit
    • Baims at profit
    • Chas no budgets
    • Dfocuses on accountability for public funds rather than profit

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