Waec Accounting Past Questions For Year 2016
Question 11
One of the purchases invoices of Mr.Dauda showed D96,240 less 12 \(\frac{1}{2}\)% trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is
- A. D 77,368
- B. D 73,157
- C. D 67,368
- D. D 63,157
Question 12
Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of
- A. Principle
- B. Commision
- C. Complete reversal of entries
- D. Original entry
Question 13
Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
Rent for 2014 chargeable to the profit and loss account is
- A. N4,000
- B. N3,000
- C. N3,200
- D. N2,800
Question 14
The excess of cost of goods sold over net sales is
- A. Gross profit
- B. Gross loss
- C. Net profit
- D. Net loss
Question 15
The balance sheet is prepared to reveal
- A. The result of the operations for the period under review
- B. The financial position of the business
- C. The arithmetical accuracy of the ledger accounts
- D. The accruals and payment
