Waec Accounting Past Questions For Year 2015
Question 6
Which of the following is the equation for determining net profit or loss from the records of a firm?
- A. Closing Capital - Drawings - Capital Introduced
- B. Opening Capital + Drawings - Closing Capital
- C. Closing Capital + Opening Capital - Drawings
- D. Closing Capital + Drawings - Opening Capital
Question 7
Which of the following accounts has a credit balance?
- A. Capital
- B. Cash
- C. Drawings
- D. Premises
Question 8
Discount received account is a
- A. Real account
- B. Personal account
- C. Nominal account
- D. Profit and loss account
Question 9
What is a ledger entry for the sale of plant and machinery on credit to Wilson?
- A. Credit sales account and debit cash account
- B. Credit plant and machinery account and debit Wilson's account
- C. Credit sales account and debit Wilson's Account
- D. Credit plant and machinery account and debit cash account
Question 10
Which of the following is not a book of original entry?
- A. Sales journal
- B. Purchases account
- C. Cash account
- D. Return inwards journal
