Waec Accounts - Principles of Accounts Questions
Question 191:
The books of accounts are opened by means of a
- A Sales journal
- B Principle journal
- C Purchases journal
- D Return inwards journal
- E Return outwards journal
Question 192:
Which of the following is true of trade discounts?
- A They are recorded in the ledger only
- B They are not different from cash discount
- C They are recorded in journal onlu
- D They are recorded in ledgers and journals
- E Each discount receives double entries
Question 193:
Return inwards was understated. The effect is that
- A Amount of goods available was understated
- B Cost of sales was understated
- C Amount of purchase returns was understated
- D Amount of sales was understated
- E Amount of sales returns was understated
Question 194:
Which of the following is not contained in the sales ledger control account?
- A Receipts from debtors
- B Returns inwards
- C Returns outwards
- D Dishonoured cheque
- E Discunt allowed
Question 195:
Which of the following is a credit item on an income and expenditure account?
- A Bar expenses
- B Electricity
- C Salaries
- D Subscription
- E Rates