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Accounts - Principles of Accounts 1989 WAEC Past Questions

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1
The bank column in the cash book shows a credit balance of N180. This means
  • A. a total payment of N180
  • B. a gross receipt of N180
  • C. a left over of N180 in the bank
  • D. an overdraft of N180
  • E. a left over of N180 cash
View Answer & Discuss (1) WAEC 1989
2
T. Trader sets aside from his private funds n1,500 for business purposes. The N1.500 would be referred to as
  • A. capital
  • B. loan
  • C. reserve
  • D. drawings
  • E. profit
View Answer & Discuss WAEC 1989
3
When goods are sold for cash the credit entry goes to the
  • A. trader's account
  • B. cash book
  • C. purchases account
  • D. sales account
  • E. customers account
View Answer & Discuss WAEC 1989
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4
The sales account is written up from
  • A. cash sales to customers only
  • B. credit sales to customers only
  • C. credit sales less cash sales
  • D. cash sales less cash discounts
  • E. both credit and cash sales
View Answer & Discuss WAEC 1989
5
The petty cash book can have
  • A. a debit balance only
  • B. a credit balance only
  • C. both debit and credit balances
  • D. a debit or nil balance
  • E. a nill balance only
View Answer & Discuss WAEC 1989
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