1990 - WAEC Accounting Past Questions and Answers - page 2
11
The principal of double entry book-keeping is that
A
every debtor must have a creditor
B
every account debited must be immediately credited
C
for every debit there must be a corresponding credit
D
for every double debit, threre must be a double credit
correct option: c
Users' Answers & Comments12
The sales day book will show goods sold
A
for cash and credit
B
for cash
C
on credit
D
to wholwsalers
correct option: c
Users' Answers & Comments13
A credit note from a supplier for damaged goods would first be entered in the
A
purchase day book
B
sales day book
C
cash book
D
returns inwards book
correct option: e
Users' Answers & Comments14
The purchase of a typewriter for office use for N2,500 should be debited to
A
bank accoun
B
sales account
C
cash account
D
purchases account
correct option: e
Users' Answers & Comments15
An overdraft is usually shown as a
A
credit balance in the cash column of the cash book
B
debit balance in the cash column of the cash book
C
debit balance in the loan account
D
credit balance in the bank column of the cash book
correct option: d
Users' Answers & Comments16
Cash discount received would be shown in the i. cash book ii. discount received account iii. supplier's account
A
i and iii
B
i, ii, and iii
C
iii
D
i and ii
correct option: b
Users' Answers & Comments17
The balance of the pretty cash book should be
A
deducted from the balance of the cash account
B
shown in the balance sheet as cash-in-hand
C
reconciled with the bank balance
D
returned to the sales manager
correct option: b
Users' Answers & Comments18
Which of the following should be included in the adjusted cash book?
A
bank charges and commission
B
cheques issued, presented and cashed
C
bank deposits
D
cash payments made by the firm
correct option: a
Users' Answers & Comments19
Which of the following belongs to the Nominal Ledger?
A
creditors account
B
debitors account
C
salaries account
D
fixtures account
correct option: c
Users' Answers & Comments20
Which of the following will not affect the agreement of the rial balance? i. compensating error ii. debiting an item instead of crediting it iii. making only a single entry
A
i
B
ii
C
iii
D
ii and iii
correct option: a
Users' Answers & Comments