Which of the following is a nominal account?
Machinery account
Drawings account
Debtors account
Wages account
Correct answer is D
No explanation has been provided for this answer.
The double entry principle states that
Every debit entry must have a corresponding credit entry
Every credit entry must have a corresponding double entry
Every debit must must have a corresponding double entry
Every assets must have a corresponding liability
Correct answer is A
No explanation has been provided for this answer.
In the preparation of bank reconciliation statement cheque are
Added to the balance as per bank statement
Deduced from the the balance as per bank statement
Added to the balance as per bank statement
Ignored totally
Correct answer is A
Using the cash balance shown on the bank statement, add back any deposits in transit. Deduct any outstanding checks. This will provide the adjusted bank cash balance. Next, use the company's ending cash balance, add any interest earned and notes receivable amount.
All balances should be added to the bank statement
The balance in a sales Ledger Counter Account indicates the
Difference between debtors and creditors
Total sales
Total purchases
Total debtors
Correct answer is D
It represents the total balance of credit sales otherwise known as trade debtors
Which of the following is added to the proprietor's capital?
Net profit
Gross profit
Net sales
Gross sales
Correct answer is A
Net profit is the actual profit after working expenses not included in the calculation of gross profit have been paid. That is, it is the profit after expenses have been deducted from gross profit. It makes up part of the business capital called plough-back profit.
Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in the Capital Account at 5/1/08 is
₦60,000
₦50,000
₦35,000
₦5,000
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Balance in Purchases account at 5/1/08 is
₦23,000
₦18,000
₦10,000
₦8,00
Correct answer is B
purchase account = cash purchase + credit purchase
10,000 + 8000 = 18,000
Use the following information to answer the question given
\(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\)
Cash balance at 5/1/08 is
₦50,000
₦40,000
₦45,000
₦30,000
Correct answer is C
The amount of money in an account. It is calculated by adding the initial deposit to all subsequent deposits and then subtracting all disbursements.
capital introduced 50000
purchase 10000
sales 5000
Bal c/d 45000
55000 55000
cash balance = 45000
WAEC Subjects
Aptitude Tests
Latest Jobs
Head of Programme & Budgeting Division (AfCDC) at the African Union
ISO Administrator at Deepwater Engineering Limited
Account Officer at Deepwater Engineering Limited
Key Accounts Manager at Paystack
Project Coordinator at the African Union
Project Coordinator (AfCDC) at African Union (AU)
Control Systems Engineer - DCS / SCADA at Thomas Edin Limited
Instrument Specialist at Thomas Edin Limited
Senior Electrical Instrumentation & Control Engineer at Thomas Edin Limited
Distribution Control System Specialist at Thomas Edin Limited
