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Accounts - Principles of Accounts 1993 WAEC Past Questions

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1
The books of accounts are opened by means of a
  • A. sales journal
  • B. principle journal
  • C. purchases journal
  • D. return inwards journal
  • E. return outwards journal
View Answer & Discuss WAEC 1993
2
Which of the following is true of trade discounts?
  • A. they are recorded in the ledger only
  • B. they are not different from cash discount
  • C. they are recorded in journal onlu
  • D. they are recorded in ledgers and journals
  • E. each discount receives double entries
View Answer & Discuss WAEC 1993
3
Return inwards was understated. The effect is that
  • A. amount of goods available was understated
  • B. cost of sales was understated
  • C. amount of purchase returns was understated
  • D. amount of sales was understated
  • E. amount of sales returns was understated
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4
Which of the following is not contained in the sales ledger control account?
  • A. receipts from debtors
  • B. returns inwards
  • C. returns outwards
  • D. dishonoured cheque
  • E. discunt allowed
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5
Which of the following is a credit item on an income and expenditure account?
  • A. bar expenses
  • B. electricity
  • C. salaries
  • D. subscription
  • E. rates
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