Waec Accounting Past Questions For Year 2020
Question 1
When bank charges are discovered in a bank statement, the adjustment is effected in the
- A. bank reconciliation statement
- B. cash book
- C. suspense account
- D. bank loan account
Question 2
A debit entry in a fixed asset account represents
- A. an increase in the fixed asset account.
- B. a decrease in the fixed asset account
- C. a profit on disposal of the fixed asset
- D. a loss on disposal of the fixed asset
Question 3
An office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is
- A. returns outwards journal
- B. returns inwards Journal
- C. purchase journal
- D. general journal
Question 4
Use the following information to answer the question below
Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors
The provision for doubtful debts to be charged to the Profit and Loss Account is
- A. Le 2,500
- B. Le 2,475
- C. Le 2,450
- D. Le 1,000
Question 5
Use the following information to answer the question below
Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors
The net figure for debtors in the balance sheet is
- A. Le 47,025
- B. Le 46,550
- C. Le 45,600
- D. Le 45,500
