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Accounts - Principles of Accounts 2021 WAEC Past Questions

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11

Accounting evolved out of the need of businesses for

  • A. profit making
  • B. record keeping
  • C. increasing sales
  • D. obtaining finance
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12

Sales account was undercast by GH¢ 1,000. When this is corrected, both the gross profit and the net profit would

  • A. increase by GH¢2,000
  • B. increase by GH¢l,000
  • C. decrease by GH¢l,000
  • D. decrease by GH¢2,000
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Use the following information to answer this question
                                                 Le
Sales for the year                 450,000
Purchases for the year         230,000
Opening stock                        60,000
Closing stock                          40,000

13

The stock turnover period is

  • A. 88 days
  • B. 73 days
  • C. 58 days
  • D. 41 days
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14

The mark-up is

  • A. 88%
  • B. 80%
  • C. 44.44%
  • D. 26.67%
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15

Company as a legal entity means that it

  • A. must always have a company lawyer
  • B. can sue and be sued
  • C. must settle disputes among shareholders in court
  • D. should prepare accounts approved by a lawyer
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