Waec Accounts - Principles of Accounts Questions
Question 11:
A sales for N2,570 was recorded in the day book as N2,750. The error committed was
- A Compensating error
- B Error of omission
- C Error of principle
- D Error of original entry
- E Erroe of transportation
Question 12:
Which of the following would be posted to the proprietor's capital account?
- A Gross sales
- B Gross profit
- C Net sales
- D Net profit
- E Manufacturing profit
Question 13:
The drawings account of a sole proprietorship is transferred to the
- A Capital account
- B Debit side of the trading account
- C Credit side of the prfit and loss account
- D Current liabilities in the balance sheet
- E Current assets in the balance sheet
Question 14:
A business marked up its cost by 50%. This would mean a gross profit of
- A 33\(\frac{1}{3}\)% on the cost price
- B 50% on the selling price
- C 66 \(\frac{2}{3}\)% on the selling price
- D 66\(\frac{2}{3}\)% on the market price
- E 33\(\frac{1}{3}\)% on the selling price
Question 15:
Which of the following show s the stock at the start of an accounting period?
- A Appropriation account
- B Current assets in the balance sheet
- C Current liabilities in the balance sheet
- D Tradng account
- E Profit and loss account