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Accounts - Principles of Accounts 2016 WAEC Past Questions

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6

A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is

  • A. GH¢ 590,000
  • B. GH¢ 590,000 0verdrawn
  • C. GH¢ 210,000
  • D. GH¢ 210,000 Overdrawn
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7

A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?

  • A. GH¢ 8,000
  • B. GH¢ 6,000
  • C. GH¢ 4,000
  • D. GH¢ 2,000
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8

Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of

  • A. Principle
  • B. Commision
  • C. Complete reversal of entries
  • D. Original entry
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9

One of the purchases invoices of Mr.Dauda showed D96,240 less 12 \(\frac{1}{2}\)% trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is

  • A. D 77,368
  • B. D 73,157
  • C. D 67,368
  • D. D 63,157
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10

Bank reconciliation statement is prepared to reconcile the differences between

  • A. Bank statement and credit transfers
  • B. Cash book and bank transfers
  • C. Bank statement and cash transfers
  • D. Cash book and bank statement
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