Waec Accounting Past Questions For Year 2014
Question 11
An error of principle is made, if
- A. an entry has been made on the wrong class of account
- B. a transaction has been completely omitted
- C. an entry has been made on the wrong side of the two accounts corcened
- D. a transaction is entered in both accounts for the wrong amount
Question 12
Which of the following is used to record the disposal of a fixed asset?
- A. journal proper
- B. petty cash book
- C. sales day book
- D. purchase day book
Question 13
Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is
- A. an error of omission
- B. a compensating error
- C. an error of commision
- D. an error of principal
Question 14
which of the following is not an administrative expenses in a manufacturing organization?
- A. discounts allowed
- B. office electricity
- C. stationery
- D. insurance
Question 15
Net profit in a business is
- A. the amount of money taken out of the business by the owner
- B. the cash in the business bank account
- C. the difference between sales and cost of sales
- D. sales revenue less cost of sales expenses
