Waec Accounting Past Questions For Year 2013
Question 6
The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing
- A. I, ii, iii and iv
- B. ii, iii, i and iv
- C. iii, i, ii and iv
- D. iv, iii, ii and iv
Question 7
A credit balance is
- A. a liability or an expense
- B. an expenditure or an income
- C. an asset or an expense
- D. an income
Question 8
The capital of a sole trader changes as a result of
- A. paying wages by cash
- B. equipment purchased by cheque
- C. drawing by cheque
- D. purchase on credit
Question 9
The double entry principle states that
- A. every debit entry must have a corresponding credit entry
- B. every credit entry must have a corresponding double entry
- C. every debit must must have a corresponding double entry
- D. every assets must have a corresponding liability
Question 10
\(\begin{array}{c|c}
\text{Net profit} & 60,000 \\
\hline
\text{Total assets} & 520,000 \\
\hline
\text{Current liabilities} & 150,000 \\
\hline
\text{Currents assets} & 280,000 \\
\end{array}\)
The returns on capital employed is
- A. 17.2%
- B. 16.2%
- C. 15.2%
- D. 11.2%
