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Waec Question Paper

Waec

Course:Secondary Level

Exam Year:2005

ACCOUNTING QUESTIONS (2005)
1) The Systematic recording of business transactions in monetary term is a)Auditing b)Book Keeping c)Debiting d)Crediting
2) An Allowance given to a customer by a supplier for prompt payment is a)Trade Discount b)discount received c)cash discount d)cash rebate
3) Which of the following is not combined in a journal a) Folio number of transaction b)date of
4) transaction c)address of the customer d)description of the transaction

5) Which of the following is not found in the private ledger? a)rent account
b) Sales account c) drawings account d) bank account
5) Which of the following is not of the uses of a journal proper? To record a) small and repetitive cash disbursements b) purchase and sale of fixed assets on credit c)writing off bad debts d)correction of errors
6) A Trial balance is a list of a) current assets b) current liabilities c) debit and credit balances d) debtors and creditors
7) Which of the following is an example of direct expenses? a) Royalties b) Carriage inwards c) carriage outwards d) Manufacturing wages
8) Gross profit is calculated in the a) trading account b) profit and loss account c) appropriation account d) partners current account
9) An example of fixed asset is a) creditors b) goodwill c) accruals d) furniture
10) Which of the following is a capital reserve? a) Profit and loss account balance b) share premium c) gross profit d) share discount

Waec Question Paper

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