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Accounts - Principles of Accounts 2015 WAEC Past Questions

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1

Which of the following describes a trial balance?

  • A. It is a special account
  • B. It is a list of balances in the books
  • C. It reveals the financial position of a business
  • D. It shows all the entries in the books of a business
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2

Which of the following is not a feature of accounting information?

  • A. Affordability
  • B. Timeliness
  • C. Accuracy
  • D. Completeness
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3

Which of the following is the equation for determining net profit or loss from the records of a firm?

  • A. Closing Capital - Drawings - Capital Introduced
  • B. Opening Capital + Drawings - Closing Capital
  • C. Closing Capital + Opening Capital - Drawings
  • D. Closing Capital + Drawings - Opening Capital
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4

Purchase invoice is first entered in the

  • A. Purchases Account
  • B. Cash Book
  • C. Sales Journal
  • D. Purchases Journal
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5

Assets acquired is recorded by debiting _______?

  • A. Asset Account, Crediting Cash Account
  • B. Cash Account, Crediting Asset Account
  • C. Purchase of Business Account, Crediting Sale of Business Account
  • D. Asset Account, Crediting Purchase of Business Account
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