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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 101· Control accounts· WAEC

    Opening creditors ₦20,000; credit purchases ₦60,000; payments ₦55,000; returns outwards ₦3,000. Closing creditors are

    Explanation and discussion

  2. Question 102· Control accounts· WAEC

    A sales ledger control account is also called a

    Explanation and discussion

  3. Question 103· Control accounts· WAEC

    A sales ledger control account is prepared to

    Explanation and discussion

  4. Question 104· Control accounts· WAEC

    Control accounts help to

    Explanation and discussion

  5. Question 105· Control accounts· WAEC

    Discount received appears in the

    Explanation and discussion

  6. Question 106· Control accounts· WAEC

    A contra (set-off) entry between the control accounts arises when

    Explanation and discussion

  7. Question 107· Control accounts· WAEC

    Opening receivables were ₦50,000. Credit sales were ₦300,000, cash received from customers ₦220,000 and returns inwards ₦10,000. Find the closing receivables.

    Explanation and discussion

  8. Question 108· Control accounts· WAEC

    Opening debtors ₦12,000, credit sales ₦50,000, cash received ₦45,000. Closing debtors are

    Explanation and discussion

  9. Question 109· Control accounts· WAEC

    A purpose of control accounts is to

    Explanation and discussion

  10. Question 110· Control accounts· WAEC

    Bad debts written off appear on the credit side of the

    Explanation and discussion

  11. Question 111· Depreciation of non-current assets· WAEC

    Which asset is not normally depreciated?

    Explanation and discussion

  12. Question 112· Depreciation of non-current assets· WAEC

    A van costing ₦1,200,000 is depreciated at 25% a year on the reducing balance. Its value after two years is

    Explanation and discussion

  13. Question 113· Depreciation of non-current assets· WAEC

    The carrying (net book) value of an asset is

    Explanation and discussion

  14. Question 114· Depreciation of non-current assets· WAEC

    Which of these is NOT a cause of depreciation?

    Explanation and discussion

  15. Question 115· Depreciation of non-current assets· WAEC

    A machine cost ₦500,000 with a residual value of ₦50,000 and a life of 5 years. Straight-line depreciation per year is

    Explanation and discussion

  16. Question 116· Depreciation of non-current assets· WAEC

    A machine bought for ₦300,000 is sold for ₦120,000 when its accumulated depreciation is ₦150,000. Find the result on disposal.

    Explanation and discussion

  17. Question 117· Depreciation of non-current assets· WAEC

    An asset costing ₦400,000 is depreciated at 20% a year on the reducing balance. Find the depreciation for the second year.

    Explanation and discussion

  18. Question 118· Depreciation of non-current assets· WAEC

    An asset bought for ₦30,000 has accumulated depreciation of ₦12,000. Its net book value is

    Explanation and discussion

  19. Question 119· Depreciation of non-current assets· WAEC

    Depreciation charged for the year is shown in the

    Explanation and discussion

  20. Question 120· Depreciation of non-current assets· WAEC

    A machine costs ₦500,000, has a residual value of ₦50,000 and a life of 5 years. Find the annual straight-line depreciation.

    Explanation and discussion

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