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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 41· Accruals, prepayments and provisions· WAEC

    A provision for doubtful debts is

    Explanation and discussion

  2. Question 42· Accruals, prepayments and provisions· WAEC

    Commission earned but not yet received at the year end is

    Explanation and discussion

  3. Question 43· Accruals, prepayments and provisions· WAEC

    Insurance of ₦24,000 paid covers 12 months, of which 3 months relate to next year. How much is charged for the current year?

    Explanation and discussion

  4. Question 44· Accruals, prepayments and provisions· WAEC

    Commission received in advance at the year end is shown as

    Explanation and discussion

  5. Question 45· Accruals, prepayments and provisions· WAEC

    Trade receivables are ₦200,000 and a 5% allowance for doubtful debts is required. Find the allowance.

    Explanation and discussion

  6. Question 46· Accruals, prepayments and provisions· WAEC

    Insurance paid ₦9,000 includes ₦3,000 for next year. The insurance expense for the year is

    Explanation and discussion

  7. Question 47· Accruals, prepayments and provisions· WAEC

    Rent for the year is ₦60,000 but only ₦45,000 has been paid. How is the difference treated?

    Explanation and discussion

  8. Question 48· Accruals, prepayments and provisions· WAEC

    A prepaid expense appears in the balance sheet as

    Explanation and discussion

  9. Question 49· Bank reconciliation statements· WAEC

    Cheques issued but not yet presented to the bank are

    Explanation and discussion

  10. Question 50· Bank reconciliation statements· WAEC

    A dividend received directly by the bank on behalf of the business should be

    Explanation and discussion

  11. Question 51· Bank reconciliation statements· WAEC

    Bank charges shown on the bank statement but not in the cash book should be

    Explanation and discussion

  12. Question 52· Bank reconciliation statements· WAEC

    A cheque received from a customer that the bank refuses to pay is a

    Explanation and discussion

  13. Question 53· Bank reconciliation statements· WAEC

    The cash book shows a debit balance of ₦9,000. Unpresented cheques are ₦2,000. Ignoring other items, the bank statement balance is

    Explanation and discussion

  14. Question 54· Bank reconciliation statements· WAEC

    Cheques paid in but not yet credited by the bank are

    Explanation and discussion

  15. Question 55· Bank reconciliation statements· WAEC

    A standing order paid by the bank but not in the cash book should be

    Explanation and discussion

  16. Question 56· Bank reconciliation statements· WAEC

    Bank charges shown only on the bank statement are corrected by

    Explanation and discussion

  17. Question 57· Bank reconciliation statements· WAEC

    A bank reconciliation statement explains the difference between the

    Explanation and discussion

  18. Question 58· Bank reconciliation statements· WAEC

    A customer's cheque that is dishonoured is recorded in the cash book by

    Explanation and discussion

  19. Question 59· Bank reconciliation statements· WAEC

    The cash book shows a debit bank balance of ₦45,000. Unpresented cheques total ₦8,000 and uncredited lodgements ₦5,000. What balance should the bank statement show?

    Explanation and discussion

  20. Question 60· Bank reconciliation statements· WAEC

    Cheques paid into the bank but not yet shown on the bank statement are called

    Explanation and discussion

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