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Accounts - Principles of Accounts Past Questions

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1611
The purpose of the trading account is to ascertain
  • A. carriage outwards
  • B. gross profit
  • C. distribution expenses
  • D. net profit
View Answer & Discuss WAEC 1999
1612
A trial Balance is the
  • A. narration of all transactions and accounts
  • B. debit balances of the accounts
  • C. list of all balances extracted from the ledger
  • D. list of all credit balances in the ledger
View Answer & Discuss WAEC 1999
1613
Which of the following entries is made damaged goods are returned to the supplier?
  • A. supplier's account is debited and the purchasers account credited
  • B. returns outwards account is debited and the supplier's account credited
  • C. purchaser's Account is debited and the supplier's account credited
  • D. supplier's account is debited and the returns Outwards Account creddited
View Answer & Discuss WAEC 1999
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1614
A balance sheet is a
  • A. form of trading account
  • B. proof of arithmetical accuracy of postings
  • C. statement showing profits at a certain date
  • D. statement showing assets and liabilities at a cretain date
View Answer & Discuss WAEC 1999
1615
Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?
  • A. N1,000
  • B. N960
  • C. N933
  • D. N820
View Answer & Discuss WAEC 1999
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts