Waec Accounting Past Questions For Year 1997
Question 1
A suspense account is used to
- A. agree the trial balance
- B. recoord sales
- C. record purchases
- D. correct errors
- E. prepare the balance sheet
Question 2
A Receipt and Payments Account reveals
- A. net profit
- B. surplus
- C. cash in hand
- D. gross profit
- E. net loss
Question 3
Which of the following is not a capital expenditure to a local government?
- A. beds
- B. theatre equipment
- C. incubators
- D. x-ray machine
- E. drugs
Question 4
A sales day book is used to record
- A. cash sales of stock
- B. credit sales of stock
- C. cash and credit sales of stock
- D. cash sales of fixed assets
- E. credit sales of fixed assets
Question 5
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
- A. current asset
- B. fixed asset
- C. current liability
- D. accumulated fund
- E. goodwill
