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Accounts - Principles of Accounts 2012 WAEC Past Questions

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6

Which of the following is a book of ordinary entry?

  • A. ledger
  • B. balance sheet
  • C. bank statement
  • D. sales journal
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7

A balance sheet shows only

  • A. fixed assets and current assets
  • B. assets and long term liabilities
  • C. assets and liabilities
  • D. assets and capital
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8

The process of entering transaction from one book to another is

  • A. reading
  • B. posting
  • C. numbering
  • D. listing
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9

Which of the following is a trading account item?

  • A. discount allowed
  • B. discount recieved
  • C. carriage outwards
  • D. carriage inwards
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10

The addition of prime cost and factory overhead is

  • A. total factory overheads
  • B. market value of goods produced
  • C. cost of goods produced
  • D. work-in-progress
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