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WAEC Accounts (Principles of Accounts) questions: Double entry and the ledger

19 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 1· Double entry and the ledger· WAEC

    Machinery bought on credit from Abiola Ltd is recorded by

    Explanation and discussion

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

    Cash sales of ₦8,000 are recorded by

    Explanation and discussion

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

    Electricity bill settled in cash is recorded by

    Explanation and discussion

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

    Which account normally has a credit balance?

    Explanation and discussion

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

    Goods taken by the owner for personal use are

    Explanation and discussion

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

    Goods for resale bought on credit from Musa are recorded by

    Explanation and discussion

  7. Question 7· Double entry and the ledger· WAEC

    Commission received is recorded on the

    Explanation and discussion

  8. Question 8· Double entry and the ledger· WAEC

    Rent paid by cheque is recorded by

    Explanation and discussion

  9. Question 9· Double entry and the ledger· WAEC

    Discount allowed to a customer is recorded by

    Explanation and discussion

  10. Question 10· Double entry and the ledger· WAEC

    The owner takes goods costing ₦5,000 for personal use. The entries are

    Explanation and discussion

  11. Question 11· Double entry and the ledger· WAEC

    Goods returned by Musa, a customer, are recorded by

    Explanation and discussion

  12. Question 12· Double entry and the ledger· WAEC

    A debit balance on a customer's account means the customer

    Explanation and discussion

  13. Question 13· Double entry and the ledger· WAEC

    A motor van bought on credit from Adeyemi Motors is entered as

    Explanation and discussion

  14. Question 14· Double entry and the ledger· WAEC

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

    Explanation and discussion

  15. Question 15· Double entry and the ledger· WAEC

    Expenses accounts normally have

    Explanation and discussion

  16. Question 16· Double entry and the ledger· WAEC

    Commission received is a

    Explanation and discussion

  17. Question 17· Double entry and the ledger· WAEC

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

    Explanation and discussion

  18. Question 18· Double entry and the ledger· WAEC

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

    Explanation and discussion

  19. Question 19· Double entry and the ledger· WAEC

    Payment of wages by cheque is recorded as

    Explanation and discussion

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