Waec Accounts - Principles of Accounts Questions
Question 16:
The balance in the purchases ledger control account is
- A Total purchases
- B Total sales
- C The total of the debtors
- D The total of the creditors
- E The total credit purchases
Question 17:
Discount allowed would appear on the
- A Debit side of sales control account and the credit side of purchases control account
- B Debit side of sales ledger control account only
- C Debit side of purchases ledger control account
- D Credit side of the sales ledger control account
- E Credit-side of the purchases ledger control account
Question 18:
The balance the provision for depreciation account is shown in the
- A Trial balance as a debit
- B Trial balance as a credit
- C Balance sheet as a fixed asset
- D Balance sheet as a long term liability
- E Balance sheet as a current liability
Question 19:
The concept of Double Entry Book-Keeping states that
- A If you receive goods on credit the seller becomes your creditor
- B For every debit entry there must be a corresponding credit entry
- C One party receives and another party gives value
- D Purchases and sales are stated separately
- E For every seller there is a buyer
Question 20:
Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
- A Both the liability and asset are increased
- B Both the liability and asset are decreased
- C Liability is increased while the asset is decreased
- D Liability is decreased while the asset is increased
- E Both liability and asset remain unchanged