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Accounts - Principles of Accounts Past Questions

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941

When closing stock is overstated, it would reduce,

  • A. cost of sales and increase gross profit
  • B. gross profit and increase cost of sales
  • C. purchases and increases sales
  • D. sales and increase purchases
View Answer & Discuss (1) WAEC 2012
942

Which of the following is not a source document?

  • A. journal paper
  • B. sales invoice
  • C. debit note
  • D. credit note
View Answer & Discuss WAEC 2012
943

A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit

  • A. asset account credit purchase account
  • B. asset account credit capital account
  • C. capital account credit asset account
  • D. capital account credit profit and loss account
View Answer & Discuss WAEC 2012
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944

Which of the following is a book of ordinary entry?

  • A. ledger
  • B. balance sheet
  • C. bank statement
  • D. sales journal
View Answer & Discuss WAEC 2012
945

A balance sheet shows only

  • A. fixed assets and current assets
  • B. assets and long term liabilities
  • C. assets and liabilities
  • D. assets and capital
View Answer & Discuss WAEC 2012
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