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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 141· Double entry and the ledger· WAEC

    A credit balance on a creditor's account means the business

    Explanation and discussion

  2. Question 142· Double entry and the ledger· WAEC

    Expenses accounts normally have

    Explanation and discussion

  3. Question 143· Double entry and the ledger· WAEC

    Commission received is a

    Explanation and discussion

  4. Question 144· Double entry and the ledger· WAEC

    When a business buys furniture on credit from Ade, the entries are

    Explanation and discussion

  5. Question 145· Double entry and the ledger· WAEC

    The owner takes goods from the business for personal use. The entries are

    Explanation and discussion

  6. Question 146· Double entry and the ledger· WAEC

    Payment of wages by cheque is recorded as

    Explanation and discussion

  7. Question 147· Final accounts of a sole trader· WAEC

    Which of these is a current liability?

    Explanation and discussion

  8. Question 148· Final accounts of a sole trader· WAEC

    Which of these is charged to the trading account?

    Explanation and discussion

  9. Question 149· Final accounts of a sole trader· WAEC

    Net profit is transferred to the

    Explanation and discussion

  10. Question 150· Final accounts of a sole trader· WAEC

    Gross profit is ₦180,000, total expenses ₦95,000 and discount received ₦5,000. Find the net profit.

    Explanation and discussion

  11. Question 151· Final accounts of a sole trader· WAEC

    Carriage outwards is treated as

    Explanation and discussion

  12. Question 152· Final accounts of a sole trader· WAEC

    Fixed assets are arranged in the balance sheet usually in order of

    Explanation and discussion

  13. Question 153· Final accounts of a sole trader· WAEC

    Carriage inwards is charged to the

    Explanation and discussion

  14. Question 154· Final accounts of a sole trader· WAEC

    Opening inventory is ₦40,000, purchases ₦260,000 and closing inventory ₦55,000. Find the cost of sales.

    Explanation and discussion

  15. Question 155· Final accounts of a sole trader· WAEC

    Which item appears in the statement of financial position?

    Explanation and discussion

  16. Question 156· Final accounts of a sole trader· WAEC

    Opening stock ₦5,000, purchases ₦20,000, closing stock ₦4,000. Cost of goods sold is

    Explanation and discussion

  17. Question 157· Final accounts of a sole trader· WAEC

    Gross profit is

    Explanation and discussion

  18. Question 158· Final accounts of a sole trader· WAEC

    Capital at start ₦40,000, net profit ₦10,000, drawings ₦6,000. Closing capital is

    Explanation and discussion

  19. Question 159· Final accounts of a sole trader· WAEC

    Sales ₦50,000, cost of sales ₦30,000, expenses ₦12,000. Net profit is

    Explanation and discussion

  20. Question 160· Final accounts of a sole trader· WAEC

    Carriage outwards is shown in the

    Explanation and discussion

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