2010 - WAEC Accounting Past Questions and Answers - page 1
1
Which of the following is not an external user of accounting information?
A
management
B
creditors
C
shareholders
D
government
Ask EduPadi AI for a detailed answer
Share this question
2
A trial balance is prepared to
A
detect fraud
B
ascertain losses in a trading period
C
determine opening capital
D
test arithmetical accuracy of ledger entries
Ask EduPadi AI for a detailed answer
Share this question
3
Which of the following is the reason why a seller allows a customer cash discount?
A
agreement to become a regular customer
B
introducing a new customer to the seller
C
settlement of account within a stated period
D
placing a larger order
Ask EduPadi AI for a detailed answer
Share this question
4
A ledger is a
A
principal book of accounts
B
book of original entry
C
recoed of credit transactions
D
summary of entries
Ask EduPadi AI for a detailed answer
Share this question
5
Which of the following is not found in a trial balance?
A
opening stock
B
closing stock
C
capital
D
rent paid
Ask EduPadi AI for a detailed answer
Share this question
6
Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \ \text{2/1/08 Bought goods for retail by cash} & 10,000\ \text{3/1/08 Sold fixtures by cash} & 5,000\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Cash balance at 5/1/08 is
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \ \text{2/1/08 Bought goods for retail by cash} & 10,000\ \text{3/1/08 Sold fixtures by cash} & 5,000\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Cash balance at 5/1/08 is
A
₦50,000
B
₦40,000
C
₦35,000
D
₦30,000
Ask EduPadi AI for a detailed answer
Share this question
7
Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \ \text{2/1/08 Bought goods for retail by cash} & 10,000\ \text{3/1/08 Sold fixtures by cash} & 5,000\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in Purchases account at 5/1/08 is
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \ \text{2/1/08 Bought goods for retail by cash} & 10,000\ \text{3/1/08 Sold fixtures by cash} & 5,000\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in Purchases account at 5/1/08 is
A
₦23,000
B
₦18,000
C
₦10,000
D
₦8,00
Ask EduPadi AI for a detailed answer
Share this question
8
Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \ \text{2/1/08 Bought goods for retail by cash} & 10,000\ \text{3/1/08 Sold fixtures by cash} & 5,000\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in the Capital Account at 5/1/08 is
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \ \text{2/1/08 Bought goods for retail by cash} & 10,000\ \text{3/1/08 Sold fixtures by cash} & 5,000\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in the Capital Account at 5/1/08 is
A
₦60,000
B
₦50,000
C
₦35,000
D
₦5,000
Ask EduPadi AI for a detailed answer
Share this question
9
Where a wrong figure occurs in only one account with the second figure correctly stated, this is an error of
A
transposition
B
compensation
C
omission
D
commission
Ask EduPadi AI for a detailed answer
Share this question
10
Which of the following is added to the proprietor's capital?
A
Net profit
B
gross profit
C
net sales
D
gross sales
Ask EduPadi AI for a detailed answer
Share this question