WAEC Accounts (Principles of Accounts) questions

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

All JAMB WAEC

Question 261· Source documents and books of original entry· WAEC
A receipt is issued as evidence of
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Answer: C. payment received
Explanation and discussion
Question 262· Source documents and books of original entry· WAEC
A debit note is sent by a buyer to
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Answer: C. inform the seller of goods returned or an overcharge
Explanation and discussion
Question 263· Source documents and books of original entry· WAEC
A petty cash voucher supports
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Answer: D. small cash payments
Explanation and discussion
Question 264· Source documents and books of original entry· WAEC
The source document for recording credit purchases is the
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Answer: C. invoice received
Explanation and discussion
Question 265· Source documents and books of original entry· WAEC
The source document for entries in the sales journal is the
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Answer: B. sales invoice
Explanation and discussion
Question 266· The cash book and discounts· WAEC
A bank overdraft is shown in the cash book as
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Answer: A. a credit balance in the bank column
Explanation and discussion
Question 267· The cash book and discounts· WAEC
A contra entry in the cash book occurs when
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Answer: D. cash is paid into the bank
Explanation and discussion
Question 268· The cash book and discounts· WAEC
A debtor owing ₦2,000 pays by cheque after a 5% cash discount. The amount of the cheque is
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Answer: B. ₦1,900
Explanation and discussion
Question 269· The cash book and discounts· WAEC
Cash withdrawn from the bank for office use is recorded in the cash book as
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Answer: A. debit cash column, credit bank column
Explanation and discussion
Question 270· The cash book and discounts· WAEC
Opening cash was ₦20,000. Cash sales were ₦35,000, wages paid in cash ₦12,000 and cash banked ₦25,000. Find the closing cash balance.
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Answer: B. ₦18,000
Explanation and discussion
Question 271· The cash book and discounts· WAEC
In a three-column cash book, the discount columns are
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Answer: A. memorandum columns that are not balanced
Explanation and discussion
Question 272· The cash book and discounts· WAEC
A credit balance on the bank column of the cash book shows
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Answer: B. a bank overdraft
Explanation and discussion
Question 273· The cash book and discounts· WAEC
In a three-column cash book, discount allowed is entered on the
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Answer: B. debit side
Explanation and discussion
Question 274· The cash book and discounts· WAEC
A trader received ₦19,000 cash from a debtor who owed ₦20,000 and was allowed a discount. The discount allowed is
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Answer: A. ₦1,000
Explanation and discussion
Question 275· The cash book and discounts· WAEC
A cash book that records both cash and bank transactions in separate columns is a
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Answer: B. two-column cash book
Explanation and discussion
Question 276· The cash book and discounts· WAEC
Cash withdrawn from the bank for office use is recorded as a
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Answer: D. contra entry
Explanation and discussion
Question 277· The cash book and discounts· WAEC
Discount allowed in the cash book appears on the
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Answer: C. debit side
Explanation and discussion
Question 278· The cash book and discounts· WAEC
In the cash book, a bank overdraft brought down appears on the
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Answer: C. credit side
Explanation and discussion
Question 279· The cash book and discounts· WAEC
Discount received is entered in the cash book on the
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Answer: D. credit side
Explanation and discussion
Question 280· The cash book and discounts· WAEC
The total of the discount received column is posted to the
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Answer: B. credit of discount received account
Explanation and discussion

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WAEC Accounts (Principles of Accounts) questions

A receipt is issued as evidence of

A debit note is sent by a buyer to

A petty cash voucher supports

The source document for recording credit purchases is the

The source document for entries in the sales journal is the

A bank overdraft is shown in the cash book as

A contra entry in the cash book occurs when

A debtor owing ₦2,000 pays by cheque after a 5% cash discount. The amount of the cheque is

Cash withdrawn from the bank for office use is recorded in the cash book as

Opening cash was ₦20,000. Cash sales were ₦35,000, wages paid in cash ₦12,000 and cash banked ₦25,000. Find the closing cash balance.

In a three-column cash book, the discount columns are

A credit balance on the bank column of the cash book shows

In a three-column cash book, discount allowed is entered on the

A trader received ₦19,000 cash from a debtor who owed ₦20,000 and was allowed a discount. The discount allowed is

A cash book that records both cash and bank transactions in separate columns is a

Cash withdrawn from the bank for office use is recorded as a

Discount allowed in the cash book appears on the

In the cash book, a bank overdraft brought down appears on the

Discount received is entered in the cash book on the

The total of the discount received column is posted to the