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Accounts - Principles of Accounts 2002 WAEC Past Questions

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1
The accounting equation is
  • A. Capital less current assets amounts to Liabilities
  • B. assets less liabilities amount to capital
  • C. fixed assets and current Liabilities amount to capital
  • D. capital assets amount t liabilities
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2
The source document sent by the seller to the buyer when goods are returned is
  • A. credit note
  • B. purchase invoice
  • C. sales invoice
  • D. debit invoice
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3
Which of the following is not a liability?
  • A. accrued wages
  • B. rent arrears
  • C. prepayment
  • D. insurance due but unpaid
View Answer & Discuss WAEC 2002
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4
Discounts allowed is charged to
  • A. trading account
  • B. balance sheet
  • C. current account
  • D. profit and loss account
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5
Which of the following belongs to the normal ledger?
  • A. salaries account
  • B. fixtures account
  • C. stock account
  • D. debtors account
View Answer & Discuss WAEC 2002
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