1989 - WAEC Accounting Past Questions & Answers - page 1

1
The bank column in the cash book shows a credit balance of N180. This means
A
a total payment of N180
B
a gross receipt of N180
C
a left over of N180 in the bank
D
an overdraft of N180
CORRECT OPTION: d
2
T. Trader sets aside from his private funds n1,500 for business purposes. The N1.500 would be referred to as
A
capital
B
loan
C
reserve
D
drawings
CORRECT OPTION: a
3
When goods are sold for cash the credit entry goes to the
A
trader's account
B
cash book
C
purchases account
D
sales account
CORRECT OPTION: d
4
The sales account is written up from
A
cash sales to customers only
B
credit sales to customers only
C
credit sales less cash sales
D
cash sales less cash discounts
CORRECT OPTION: e
5
The petty cash book can have
A
a debit balance only
B
a credit balance only
C
both debit and credit balances
D
a debit or nil balance
CORRECT OPTION: a
6
Which of the following may have been recorded in the cash book and fail to appear in the Bank statement?
A
bank charges and commission
B
cheques issued, presented and cashed
C
bank lodgements
D
payments made by the bank on a tanding order
CORRECT OPTION: c
7
Which of the following accounts belongs to the personal ledger?
A
purchases account
B
capital account
C
machinery account
D
depreciation account
CORRECT OPTION: d
8
Which of the following accounts belongs to the private ledger?
A
drawing accounts
B
premises account
C
machinery account
D
depreciation account
CORRECT OPTION: e
9
A cheque for N400 drawn in favour of Jeje was posted to the credit of his account. The entry necessary to correct the error is
A
a debit suspense account N800,credit Jeje's account N800
B
debit bank to correct N400, credit Jeje's account N400
C
debit suspense account N400, credit Jeje's account N400
D
debit Jeje's account N800, credit suspense account N800
CORRECT OPTION: d
10
A sales for N2,570 was recorded in the day book as N2,750. The error committed was
A
compensating error
B
error of omission
C
error of principle
D
error of original entry
CORRECT OPTION: d
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