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Accounts - Principles of Accounts 2010 WAEC Past Questions

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6

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Cash balance at 5/1/08 is

  • A. ₦50,000
  • B. ₦40,000
  • C. ₦45,000
  • D. ₦30,000
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7

Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in Purchases account at 5/1/08 is

  • A. ₦23,000
  • B. ₦18,000
  • C. ₦10,000
  • D. ₦8,00
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8
Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in the Capital Account at 5/1/08 is
  • A. ₦60,000
  • B. ₦50,000
  • C. ₦35,000
  • D. ₦5,000
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9

Where a wrong figure occurs in only one account with the second figure correctly stated, this is an error of

  • A. transposition
  • B. compensation
  • C. omission
  • D. commission
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10

Which of the following is added to the proprietor's capital?

  • A. Net profit
  • B. gross profit
  • C. net sales
  • D. gross sales
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