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Accounts - Principles of Accounts 2021 WAEC Past Questions

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46

Use the following information to answer this question
                                                    GH¢
Monthly rent payable                  3,000
Rent paid on 01/01/2018          48,000

Rent expense for 2018 was 

  • A. GH¢84,000
  • B. GH¢48,000
  • C. GH¢36,000
  • D. GH¢12,000
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47

Use the following information to answer this question
                                                    GH¢
Monthly rent payable                  3,000
Rent paid on 01/01/2018          48,000

The balance of rent in the balance sheet would be

  • A. current asset of GH¢36,000
  • B. current asset of GH¢12,000
  • C. current liability of GH¢12,000
  • D. current liability of GH¢48,000
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48

Suspense account is used in the correction of

  • A. all errors in the trial balance
  • B. errors that affect the agreement of a trial balance
  • C. errors that do not affect the agreement of a trial balance
  • D. errors that affect the accuracy of the net profit
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49

A transaction that would cause the cash book balance to be less than the bank statement balance is

  • A. direct debit
  • B. standing order
  • C. bank charges
  • D. unpresented cheques
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50

The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is 

  • A. Le260,000
  • B. Le200,000
  • C. Le140,000
  • D. Le60,000
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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