Waec Accounts - Principles of Accounts Questions
Question 1:
The bank column in the cash book shows a credit balance of N180. This means
- A A total payment of N180
- B A gross receipt of N180
- C A left over of N180 in the bank
- D An overdraft of N180
- E A left over of N180 cash
Question 2:
The bank column in the cash book shows a credit balance of N180. This means
- A A total payment of N180
- B A gross receipt of N180
- C A left over of N180 in the bank
- D An overdraft of N180
- E A left over of N180 cash
Question 3:
T. Trader sets aside from his private funds n1,500 for business purposes. The N1.500 would be referred to as
- A Capital
- B Loan
- C Reserve
- D Drawings
- E Profit
Question 4:
When goods are sold for cash the credit entry goes to the
- A Trader's account
- B Cash book
- C Purchases account
- D Sales account
- E Customers account
Question 5:
The sales account is written up from
- A Cash sales to customers only
- B Credit sales to customers only
- C Credit sales less cash sales
- D Cash sales less cash discounts
- E Both credit and cash sales