Accounts - Principles of Accounts 1994 WAEC Past Questions

21

A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are

A. credit cash account, debit bank account with N1,200
B. debit cash account, creidit bank account with N1,200
C. credit cash account, debit suspense account with N2,400
D. debit cash account, debit suspense account with N2,400
E. credit bank account, debit suspense account with N2,400

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22

Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the debtors' balance at the end of the year?

A. N1,110
B. N1,430
C. N1,520
D. N1,750
E. N2,980

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23

Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the net profit for that year, assuming a gross profit of N3,650 was made?

A. N2,920
B. N3,240
C. N3,330
D. N5,340
E. N5,440

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24

Which of the following errors will not allow a trial balance to agree?

A. where a transaction is completely omitted from the books
B. where the correct amount is entered but in the wrong account
C. where the figure entered on one side is different from the one entered on the other side
D. where an item is entered in the wrong class of account
E. where the correct amount is used but each item is shown on the wrong side of the account

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25

Profit expressed as a proportion of cost price is known as

A. grss profit
B. profit make-up
C. profitt margin
D. profit percentage
E. profit ratio

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Accounts - Principles of Accounts 1994 WAEC Past Questions

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