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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 61· Bank reconciliation statements· WAEC

    A dividend received by direct credit, shown only on the bank statement, should be

    Explanation and discussion

  2. Question 62· Bank reconciliation statements· WAEC

    Cash book balance ₦30,000 (debit). Unpresented cheques ₦6,000. Uncredited lodgements ₦4,000. The bank statement balance is

    Explanation and discussion

  3. Question 63· Bank reconciliation statements· WAEC

    A dishonoured cheque from a customer is recorded by

    Explanation and discussion

  4. Question 64· Bank reconciliation statements· WAEC

    Interest credited by the bank should be

    Explanation and discussion

  5. Question 65· Branch and departmental accounts· WAEC

    Goods invoiced to a branch at ₦15,000 include a mark-up of 50% on cost. The cost of the goods is

    Explanation and discussion

  6. Question 66· Branch and departmental accounts· WAEC

    In branch accounts, the goods sent to branch account is closed by transfer to

    Explanation and discussion

  7. Question 67· Branch and departmental accounts· WAEC

    In departmental accounts, the salary of the general manager is best shared on the basis of

    Explanation and discussion

  8. Question 68· Branch and departmental accounts· WAEC

    Branch accounts help the head office to

    Explanation and discussion

  9. Question 69· Branch and departmental accounts· WAEC

    Head office sends goods costing ₦10,000 to a branch at cost plus 25%. The invoice price is

    Explanation and discussion

  10. Question 70· Branch and departmental accounts· WAEC

    Rent of ₦60,000 is shared between departments A and B by floor area of 400 m² and 200 m². Department A's share is

    Explanation and discussion

  11. Question 71· Branch and departmental accounts· WAEC

    Rent of a store may be shared among departments on the basis of

    Explanation and discussion

  12. Question 72· Branch and departmental accounts· WAEC

    The goods sent to branch account records

    Explanation and discussion

  13. Question 73· Branch and departmental accounts· WAEC

    Electricity shared between departments is best apportioned using

    Explanation and discussion

  14. Question 74· Branch and departmental accounts· WAEC

    Rent of ₦120,000 is shared between departments A (300 m²) and B (200 m²) by floor area. Find A's share.

    Explanation and discussion

  15. Question 75· Branch and departmental accounts· WAEC

    Goods sent to a branch at cost plus 25%. If goods invoiced at ₦50,000 were sent, the cost was

    Explanation and discussion

  16. Question 76· Branch and departmental accounts· WAEC

    Expenses that cannot be traced to a particular department are shared

    Explanation and discussion

  17. Question 77· Branch and departmental accounts· WAEC

    Departmental accounts are prepared mainly to

    Explanation and discussion

  18. Question 78· Branch and departmental accounts· WAEC

    In the head office books, goods sent to a branch are recorded by

    Explanation and discussion

  19. Question 79· Branch and departmental accounts· WAEC

    Departmental accounts help management to

    Explanation and discussion

  20. Question 80· Branch and departmental accounts· WAEC

    A branch that keeps its own full set of books is called

    Explanation and discussion

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