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Accounts - Principles of Accounts 2012 WAEC Past Questions

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26

If creditors at 1\1\10 were Le 3,000; creditors at 31/12/10 Le 5,500 and payments to creditors Le 29,000. The purchases figure for 2010 is

  • A. Le 34,500
  • B. Le 32,000
  • C. Le 31,500
  • D. Le 26,500
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27

Which of the following is not found in the personal ledger?

  • A. debtors account
  • B. creditors account
  • C. capital account
  • D. nominal account
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28

The sales ledger control account is also referred to as

  • A. bought ledger control account
  • B. purchases account
  • C. total debtors account
  • D. total creditor account
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29

An increases in the provision for doubtful debts results is a\an

  • A. increase in the gross profit
  • B. decrease in the gross profit
  • C. decrease in the net profit
  • D. increase in the net profit
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30

Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a

  • A. commision
  • B. discount
  • C. premium
  • D. bonus
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