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Accounts - Principles of Accounts 2010 WAEC Past Questions

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1

Which of the following is not an external user of accounting information?

  • A. management
  • B. creditors
  • C. shareholders
  • D. government
View Answer & Discuss WAEC 2010
2

A trial balance is prepared to

  • A. detect fraud
  • B. ascertain losses in a trading period
  • C. determine opening capital
  • D. test arithmetical accuracy of ledger entries
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3

Which of the following is the reason why a seller allows a customer cash discount?

  • A. agreement to become a regular customer
  • B. introducing a new customer to the seller
  • C. settlement of account within a stated period
  • D. placing a larger order
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4

A ledger is a

  • A. principal book of accounts
  • B. book of original entry
  • C. record of credit transactions
  • D. summary of entries
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5

Which of the following is not found in a trial balance?

  • A. opening stock
  • B. closing stock
  • C. capital
  • D. rent paid
View Answer & Discuss (1) WAEC 2010
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