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Accounts - Principles of Accounts 2008 WAEC Past Questions

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1
Which of the following is the basis accounting equation?
  • A. assets = capital + liabilities
  • B. capital = assets + liabilities
  • C. liabilities = assets + capital
  • D. assets = liabilities + equity
View Answer & Discuss WAEC 2008
2
A sales Day book is used for recording
  • A. credit sales
  • B. sales returns
  • C. hire purchase
  • D. cash sales
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3
An analytical cash book is used to
  • A. indicate source of cash received
  • B. categorise petty cash payment
  • C. separate cash and bank balance
  • D. analyse amounts due from debtors
View Answer & Discuss (2) WAEC 2008
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4
Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
  • A. business entity
  • B. realization
  • C. going concern
  • D. sual-aspect
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5
In a partnership business, the net profit serves as opening figure for
  • A. trading account
  • B. profit and loss accoun
  • C. current account
  • D. appropriation account
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