2011 - WAEC Accounting Past Questions and Answers - page 1
1
The two fundamental books of accounting are
A
return inwards and outwards
B
journal and ledger
C
discounts allowed and received
D
credit note and debit note
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2
Which of the following is a capital expenditure?
A
extension of building
B
repairs of generator
C
purchase of stock
D
purchase of stationery
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3
Expenses accured at the end of the accounting year is treated in the balance sheets as
A
current assets
B
current liability
C
ficed assets
D
long-term liability
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4
Another name for owner's equity is
A
loan
B
debtots
C
capital
D
overdraft
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5
The reduction in value of goodwill is
A
amortization
B
appreciation
C
depletion
D
depreciation
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6
Which of the following is not recorded in a partnership appropriation account?
A
interest on capital
B
partners drawings
C
share of profit
D
interest on drawings
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7
When a transaction is completely left out from the books, it is an error of
A
commission
B
omission
C
principle
D
compensation
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8
Which of the following is not a subsidiary book?
A
sales day book
B
purchases day book
C
general journal
D
trial balance
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9
In departmental accounts, rent is appointed on the basis of
A
purchases
B
floor area occupied
C
number of personnel in each department
D
volume of sales
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10
Which of the following errors will affect the totals of a trial balance?
A
compensating error
B
complete reversal of entry
C
error in addition
D
error of original entry
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