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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 21· Accounts of not-for-profit organisations· WAEC

    The receipts and payments account of a club is a summary of

    Explanation and discussion

  2. Question 22· Accounts of not-for-profit organisations· WAEC

    A club has 100 members paying ₦2,000 each for the year; 5 members have not paid by the year end. How much subscription income is credited to the income and expenditure account?

    Explanation and discussion

  3. Question 23· Accounts of not-for-profit organisations· WAEC

    In a club, the accumulated fund is equivalent to a business's

    Explanation and discussion

  4. Question 24· Accounts of not-for-profit organisations· WAEC

    The income and expenditure account of a club corresponds to a business's

    Explanation and discussion

  5. Question 25· Accounts of not-for-profit organisations· WAEC

    The capital of a club is called the

    Explanation and discussion

  6. Question 26· Accounts of not-for-profit organisations· WAEC

    Subscriptions received in advance for next year are shown in the club's balance sheet as

    Explanation and discussion

  7. Question 27· Accounts of not-for-profit organisations· WAEC

    The receipts and payments account is a summary of

    Explanation and discussion

  8. Question 28· Accounts of not-for-profit organisations· WAEC

    A club has 80 members paying ₦1,500 each. 5 members owe subscriptions at the year end. Subscriptions income for the year is

    Explanation and discussion

  9. Question 29· Accounts of not-for-profit organisations· WAEC

    A receipts and payments account is

    Explanation and discussion

  10. Question 30· Accounts of not-for-profit organisations· WAEC

    The excess of income over expenditure in a club is called a

    Explanation and discussion

  11. Question 31· Accounts of not-for-profit organisations· WAEC

    A club's income and expenditure account shows expenditure greater than income. The difference is a

    Explanation and discussion

  12. Question 32· Accruals, prepayments and provisions· WAEC

    Debtors are ₦40,000 and a provision for doubtful debts of 5% is required. The provision is

    Explanation and discussion

  13. Question 33· Accruals, prepayments and provisions· WAEC

    Rent owing at the end of the year is

    Explanation and discussion

  14. Question 34· Accruals, prepayments and provisions· WAEC

    Insurance paid ₦12,000 covered 15 months, 3 of which fall into next year. The charge for this year is

    Explanation and discussion

  15. Question 35· Accruals, prepayments and provisions· WAEC

    Bad debts written off are

    Explanation and discussion

  16. Question 36· Accruals, prepayments and provisions· WAEC

    A prepaid expense at the year end is shown as

    Explanation and discussion

  17. Question 37· Accruals, prepayments and provisions· WAEC

    Commission receivable but not yet received is shown in the balance sheet as

    Explanation and discussion

  18. Question 38· Accruals, prepayments and provisions· WAEC

    Rent paid during the year was ₦11,000 and ₦1,000 was still owing at the year end. The rent charged to profit and loss is

    Explanation and discussion

  19. Question 39· Accruals, prepayments and provisions· WAEC

    Debtors are ₦50,000 and the provision for doubtful debts is to be 4%. The provision is

    Explanation and discussion

  20. Question 40· Accruals, prepayments and provisions· WAEC

    Wages owing at the end of the financial year are

    Explanation and discussion

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