1989 - WAEC Accounting Past Questions and Answers - page 2
11
Which of the following would be posted to the proprietor's capital account?
A
gross sales
B
gross profit
C
net sales
D
net profit
correct option: d
Users' Answers & Comments12
The drawings account of a sole proprietorship is transferred to the
A
capital account
B
debit side of the trading account
C
credit side of the prfit and loss account
D
current liabilities in the balance sheet
correct option: a
Users' Answers & Comments13
A business marked up its cost by 50%. This would mean a gross profit of
A
33\(\frac{1}{3}\)% on the cost price
B
50% on the selling price
C
66 \(\frac{2}{3}\)% on the selling price
D
66\(\frac{2}{3}\)% on the market price
correct option: e
Users' Answers & Comments14
Which of the following show s the stock at the start of an accounting period?
A
appropriation account
B
current assets in the balance sheet
C
current liabilities in the balance sheet
D
tradng account
correct option: b
Users' Answers & Comments15
The balance in the purchases ledger control account is
A
total purchases
B
total sales
C
the total of the debtors
D
the total of the creditors
correct option: d
Users' Answers & Comments16
Discount allowed would appear on the
A
debit side of sales control account and the credit side of purchases control account
B
debit side of sales ledger control account only
C
debit side of purchases ledger control account
D
credit side of the sales ledger control account
correct option: d
Users' Answers & Comments17
The balance the provision for depreciation account is shown in the
A
trial balance as a debit
B
trial balance as a credit
C
balance sheet as a fixed asset
D
balance sheet as a long term liability
correct option: b
Users' Answers & Comments18
The concept of Double Entry Book-Keeping states that
A
if you receive goods on credit the seller becomes your creditor
B
for every debit entry there must be a corresponding credit entry
C
one party receives and another party gives value
D
purchases and sales are stated separately
correct option: b
Users' Answers & Comments19
Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
A
both the liability and asset are increased
B
both the liability and asset are decreased
C
liability is increased while the asset is decreased
D
liability is decreased while the asset is increased
correct option: b
Users' Answers & Comments20
Which of the following in a classified form contains a permanent record of all transactions? The
A
sales day book
B
cash book
C
ledger
D
journal
correct option: c
Users' Answers & Comments