2013 WAEC Accounts Past Questions & Answers - page 1

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1
The distinguishing feature between a two-column cash book is

A
discount column
B
cash column
C
bank column
D
ledger folio

Correct Option: A

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2
The lodgement of business cash into the business bank account is an example of

A
contra entry
B
bank reconciliation
C
self-balancing ledger
D
reversal entry

Correct Option: A

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3
Which of the following is not a characteristic of trial balance?

A
it has columns for debit and credit balances
B
total of debit balance equals total of credit balance
C
it is a statement
D
it is an account

Correct Option: D

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4
The capital of a sole trader changes as a result of

A
paying wages by cash
B
equipment purchased by cheque
C
drawing by cheque
D
purchase on credit

Correct Option: C

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5
A credit balance is

A
a liability or an expense
B
an expenditure or an income
C
an asset or an expense
D
an income

Correct Option: B

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6
The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing

A
I, ii, iii and iv
B
ii, iii, i and iv
C
iii, i, ii and iv
D
iv, iii, ii and iv

Correct Option: C

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7
A dishonored cheque is

A
debited in cash book
B
credited in the cash book
C
double entry in the cash book
D
credited in the bank book

Correct Option: A

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8
A petty cashier received a float of GHC 84. The imprest is

A
GHC 204
B
GHC 120
C
GHC 84
D
GHC 36

Correct Option: D

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9
Which of the following is not a book of original entry?

A
cash book
B
purchases ledger returns
C
returns outwards journal
D
general journal

Correct Option: B

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10
Use the following information

\(\begin{array}{c|c} & ₦ \ \hline \text{Net profit} & 60,000\ \text{Total assets} & 520,000\ \text{Current liabilities} & 150,000 \ \text{Current assets} & 280,000 \end{array}\)
The current ratio is?

A
1.87 : 1
B
1 : 1.87
C
1 : 2
D
2 : 1

Correct Option: A

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