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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 161· Final accounts of a sole trader· WAEC

    Opening stock ₦5,000; purchases ₦40,000; closing stock ₦7,000. Cost of goods sold is

    Explanation and discussion

  2. Question 162· Final accounts of a sole trader· WAEC

    Carriage inwards is treated in the

    Explanation and discussion

  3. Question 163· Final accounts of a sole trader· WAEC

    Sales ₦90,000; cost of sales ₦60,000; expenses ₦12,000. Net profit is

    Explanation and discussion

  4. Question 164· Final accounts of a sole trader· WAEC

    In the balance sheet, a bank overdraft is shown as

    Explanation and discussion

  5. Question 165· Final accounts of a sole trader· WAEC

    Sales are ₦500,000 and cost of sales is ₦320,000. Find the gross profit.

    Explanation and discussion

  6. Question 166· Incomplete records· WAEC

    Sales are ₦100,000 and the margin is 20%. Gross profit is

    Explanation and discussion

  7. Question 167· Incomplete records· WAEC

    Cost of sales is ₦60,000 and mark-up is 25%. Sales are

    Explanation and discussion

  8. Question 168· Incomplete records· WAEC

    Single entry is

    Explanation and discussion

  9. Question 169· Incomplete records· WAEC

    Incomplete records are common among

    Explanation and discussion

  10. Question 170· Incomplete records· WAEC

    A statement of affairs is used to find

    Explanation and discussion

  11. Question 171· Incomplete records· WAEC

    Single entry is a system in which

    Explanation and discussion

  12. Question 172· Incomplete records· WAEC

    Capital at the start ₦100,000; at the end ₦130,000; drawings ₦20,000; additional capital ₦10,000. Net profit is

    Explanation and discussion

  13. Question 173· Incomplete records· WAEC

    A trader's assets total ₦70,000 and liabilities ₦25,000. Using a statement of affairs, his capital is

    Explanation and discussion

  14. Question 174· Incomplete records· WAEC

    A statement of affairs is prepared to find

    Explanation and discussion

  15. Question 175· Incomplete records· WAEC

    Capital at start ₦30,000, capital at end ₦45,000, drawings ₦5,000, no new capital. Profit is

    Explanation and discussion

  16. Question 176· Incomplete records· WAEC

    Sales are ₦240,000 and the gross margin is 25% of sales. Find the cost of sales.

    Explanation and discussion

  17. Question 177· Incomplete records· WAEC

    Cost of goods sold is ₦60,000 and the mark-up is 25% on cost. Sales are

    Explanation and discussion

  18. Question 178· Incomplete records· WAEC

    Capital at the start of the year was ₦300,000 and at the end ₦380,000. Drawings were ₦40,000 and additional capital ₦20,000. Find the profit.

    Explanation and discussion

  19. Question 179· Incomplete records· WAEC

    Sales are ₦80,000 and the margin is 25% on sales. Gross profit is

    Explanation and discussion

  20. Question 180· Incomplete records· WAEC

    A trader adds 25% to cost. Cost of sales is ₦160,000. Find the sales.

    Explanation and discussion

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