2005 - WAEC Accounting Past Questions & Answers - page 1

1
The systematic recording of business transactions is
A
auditing
B
book-keeping
C
debiting
D
crediting
CORRECT OPTION: b
2
An allowance given to a customer by a supplier for prompt payment is
A
trade discount
B
discount received
C
cash discount
D
cash rebate
CORRECT OPTION: c
3
Which of the following is not contained in a journal? To record
A
small and repetive cash disbursemens
B
purchase and sale of fixed assets on credit
C
writing off bad debts
D
debtors and creditors
CORRECT OPTION: c
4
A trial balance is a list of
A
current assets
B
current liabilities
C
debit and credit balances
D
debtors and creditors
CORRECT OPTION: c
5
Which of the following is found in the private ledger?
A
rent account
B
sales account
C
drawings account
D
bank account
CORRECT OPTION: c
6
Which of the following is not one of the uses of a journal proper? To record
A
small and repetive cash disbursements
B
purchases day book
C
writing off bad debts
D
debtors and creditors
CORRECT OPTION: a
7
Which of the following is an example of direct expense?
A
Royalties
B
carriage inwards
C
carriage outwards
D
manufacturing wages
CORRECT OPTION: d
8
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \ \hline & N & & & N & Cr \ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \ \text{Jan 31 Lukman} & 1,060 & & & \ \text{Jan. 31 Balance c/d} & 2,540 & & & \ & \overline{9,120} & & & \overline{9,120} \ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \ \hline & N & N & N \ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
A
N9,120
B
N7,090
C
N1,400
D
N630
CORRECT OPTION: d
9
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \ \hline & N & & & N & Cr \ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \ \text{Jan 31 Lukman} & 1,060 & & & \ \text{Jan. 31 Balance c/d} & 2,540 & & & \ & \overline{9,120} & & & \overline{9,120} \ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \ \hline & N & N & N \ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
Uncredited cheques totalled
A
N3,500
B
N2,540
C
N1,060
D
N630
CORRECT OPTION: c
10
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \ \hline & N & & & N & Cr \ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \ \text{Jan 31 Lukman} & 1,060 & & & \ \text{Jan. 31 Balance c/d} & 2,540 & & & \ & \overline{9,120} & & & \overline{9,120} \ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)

Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \ \hline & N & N & N \ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
Adjusted Cash Book balance is
A
N3,800 O/D
B
N3,310 O/D
C
N3,030 O/D
D
N2,540 O/D
CORRECT OPTION: a
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