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1

The claim on the assets of a business by outsiders is classified as

  • A. capital
  • B. liability
  • C. reserve
  • D. provision
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2

Which of the following transactions will increase business assets.

  • A. payment to trade creditors
  • B. additional liability incured
  • C. stock drawings for private use
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3

Purchase of machine of #50,000 was debited to purchase account,This is an error of ?

  • A. omission
  • B. Commission
  • C. Principle
  • D. compensation
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4

The accounting treatment for each withdrawn by the owner of a business for private use is?

  • A. Cash account credit drawings account
  • B. Cash account credit capital account
  • C. Capital account credit drawings account
  • D. Drawings Account credit cash account
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5

The source document used to prepare the purchases day book is?

  • A. receipt
  • B. invoice
  • C. cash voucher
  • D. bank statement
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
WAEC offline past questions - with all answers and explanations in one app - Download for free
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