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Accounts - Principles of Accounts 2017 WAEC Past Questions

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16

If a petty cashier has a cash float of Le 39,000 and Le 37,500 is spent, he will be reimbursed with 

  • A. Le 40,500
  • B. Le 39,000
  • C. Le 37,500
  • D. Le 1,500
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17

A suspense account is used in the 

  • A. prevention of errors
  • B. correction of errors
  • C. detection of errors
  • D. creation of errors
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18

A credit purchase of N200 from P. Osae was posted to the account of P. Osei. This is an error of 

  • A. principle
  • B. commission
  • C. omission
  • D. original entry
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19

Discount allowed on goods invoiced at N100,000 was calculated at the rate of 20% instead of 10%. The error is corrected by debiting 

  • A. customer account with N20,000 crediting discount allowed with N20,000
  • B. discount allowed with N10,000; crediting customer's account with N10,000
  • C. customer's account with N10,000, crediting discount allowed with N10,000
  • D. discount allowed with N20,000, crediting cash with N20,000
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20

The balance sheet equation shows

  • A. current assets minus current liabilities
  • B. the difference between fixed assets and current liabilities
  • C. assets and sources of financing them
  • D. sources of funding owner's equity
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