ACCOUNTS WAEC GCE EXPO QUESTIONS 2021/2022
Section A
1. The bank column in the cash Book shows a credit balance of N180. This means (a) a total payment of N 180 (b) a gross receipt of N 180 (c) a leftover of N180 in the bank (d) an overdraft of N180 (e) a leftover of N 180 cash
2. A trader sets asides from his private funds N1500 for business purposes. The N1500 would be referred to as (a) capital (b)loan (c) reserve (d) drawing (e) profit
3. When goods are sold for cash, the credit entry goes to the (a) trader’s account (b) cash book (c) purchases account (d) sales account (e)customer’s account
4. The sales accounts written up from (a) cash sales to customer only (b) credit sales to customers only (c) credit sales less cash sales (d) cash sales less cash discounts (e) both credit and cash sales
5. The petty cash book can have (a) a debit balance (b) credit balance only (c) both debit and credit balance (d) a debit or nil balance (e) a nil balance only
6. Which of the following may have been recorded in the cash book and fail to appear in the bank statement (a) bank changes and commission (b) cheque issued presented and cashed (c) bank lodgments (d) payments made by the bank on a standing order (e) opening bank overdraft
7. Which of the following accounts belongs to the private ledger? (a) drawings accounts (b) premises account (c) bank account (d) debtors account (e) rent and rates accounts
8. Which of the following accounts belongs to the personal ledger? (a) purchases account (b) capital account (c) machinery account (d) depreciation account (e) V. okafor account
9. A cheque for N400 drawn in favour of Jeje was posted to the credit of his account. The entry necessary to correct the error is (a) debt suspense account N800, credit jeje’s account N800 (b) debt bank account N400 , credit jeje’s account N800 credit suspense account N800 (e) debit jeje’s account N400
10. A sales of N2,570 was recorded in the day book as N2,750. The error committed was (a) compensating error (b)error of omission (c) error of principle (d) error of original entry (e) error of transposition
11. Discount allowed would appear on the (a) debit side of sales control account and the credit side of purchase ledger control account (b) debit side of sales ledger control account only (c) debit side of purchases ledger control account (d) credit side of the sale ledger control account (e) credit side of the purchases ledger control account
12. Which of the following in a classified form, contains a permanent record of all transaction? The (a) sales day book (b) cash book (c) ledger (d) journal (e) purchases day book
13. When a buyer returns damages goods to the seller, the buyer receives a (a) proforma invoice (b) credit note (c) debit note (d) consignment note (e) goods return note
14. Trade discount is (a)allowance for prompt payment (b) allowance for damage goods (c) allowance of price list (d) discount on creditor(e) discount on debtors
15. Pending the location of error, the difference dis closed in the trial balance is normally posted to (a) an adjustment account (b) a control account (c) a suspense account (d) a profit and loss account (e) a trading account
Use the following information to answer question 16-20
1986 sales ledger control account
N 1986 N
Jan 1 balance b/d 1300 jan 1 bal b/d 86
31 sales 7630 bank 6555
Dishonored discounts 345
Cheques 250 returns 130
Stopped cheques 100 purchases
Balance b/d 92 ledger 360
9372 balance c/d 9372
Feb 1 balance b/d 1896 feb 1 bal b/d 92
16. The amount of N 7,630 represents (a) total credit sales (b) total debtors of the firms (c) the total sales die the month (d) cash sales only (e) the double entry for the total of the sales account
17. The sum of N6,555 described as bank represents (a) cash sales for the month including discounts (b) cash sales for the month excluding discounts (c) rescripts from trade debtors only (d) receipt from all the debtors of the business (e) taking from both cash credit sales
18. The balance of N92 represents the I amount necessary to balance the account II sum due to the customers III amount due from the customers (a) I only (b) II only (c) III only (d) I and II only (e) I and III only
19. The item purchases ledger N360 means I cash purchases during the period II credit purchase during the period III trade debtors set off against debts on purchases (a) I only (b) II only (c) III only(d) I and II (e) I and III
20. The balance of N1896 represents I. the sum required to balance the account II amount due to the customers III amount due from the customers (a) I only (b) II only (c) III only (d) I and II only (e) I and III only
21. Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that (a) both the liability are increased (b) both the liability and asset are decreased (c) liability is increased while the asset is decreased (d) liability is decreased while the asset is increases (e) both liability and asset remain unchanged
22. A subsiding record is a book (a) found in the ledger (b) subsiding entries (c) of original entry (d) containing the final account (e) of final entry
23. Which of the following does not belong to the group? (a) a proprietor of a business (b) an entrepreneur (c) an investor (d) a debtor (e) a creditor
24. The accounting equation is (a) capital less current assets amounts to liabilities (b) assets less liabilities amount to capital (c) fixed assets and current liabilities amount to capital (d) capital and assets amount to liabilities
25. A fixed amount of money set aside for pretty expenses is (a) imprest (b) float (c) receipt (d) fund
2. A trader sets asides from his private funds N1500 for business purposes. The N1500 would be referred to as (a) capital (b)loan (c) reserve (d) drawing (e) profit
3. When goods are sold for cash, the credit entry goes to the (a) trader’s account (b) cash book (c) purchases account (d) sales account (e)customer’s account
4. The sales accounts written up from (a) cash sales to customer only (b) credit sales to customers only (c) credit sales less cash sales (d) cash sales less cash discounts (e) both credit and cash sales
5. The petty cash book can have (a) a debit balance (b) credit balance only (c) both debit and credit balance (d) a debit or nil balance (e) a nil balance only
6. Which of the following may have been recorded in the cash book and fail to appear in the bank statement (a) bank changes and commission (b) cheque issued presented and cashed (c) bank lodgments (d) payments made by the bank on a standing order (e) opening bank overdraft
7. Which of the following accounts belongs to the private ledger? (a) drawings accounts (b) premises account (c) bank account (d) debtors account (e) rent and rates accounts
8. Which of the following accounts belongs to the personal ledger? (a) purchases account (b) capital account (c) machinery account (d) depreciation account (e) V. okafor account
9. A cheque for N400 drawn in favour of Jeje was posted to the credit of his account. The entry necessary to correct the error is (a) debt suspense account N800, credit jeje’s account N800 (b) debt bank account N400 , credit jeje’s account N800 credit suspense account N800 (e) debit jeje’s account N400
10. A sales of N2,570 was recorded in the day book as N2,750. The error committed was (a) compensating error (b)error of omission (c) error of principle (d) error of original entry (e) error of transposition
11. Discount allowed would appear on the (a) debit side of sales control account and the credit side of purchase ledger control account (b) debit side of sales ledger control account only (c) debit side of purchases ledger control account (d) credit side of the sale ledger control account (e) credit side of the purchases ledger control account
12. Which of the following in a classified form, contains a permanent record of all transaction? The (a) sales day book (b) cash book (c) ledger (d) journal (e) purchases day book
13. When a buyer returns damages goods to the seller, the buyer receives a (a) proforma invoice (b) credit note (c) debit note (d) consignment note (e) goods return note
14. Trade discount is (a)allowance for prompt payment (b) allowance for damage goods (c) allowance of price list (d) discount on creditor(e) discount on debtors
15. Pending the location of error, the difference dis closed in the trial balance is normally posted to (a) an adjustment account (b) a control account (c) a suspense account (d) a profit and loss account (e) a trading account
Use the following information to answer question 16-20
1986 sales ledger control account
N 1986 N
Jan 1 balance b/d 1300 jan 1 bal b/d 86
31 sales 7630 bank 6555
Dishonored discounts 345
Cheques 250 returns 130
Stopped cheques 100 purchases
Balance b/d 92 ledger 360
9372 balance c/d 9372
Feb 1 balance b/d 1896 feb 1 bal b/d 92
16. The amount of N 7,630 represents (a) total credit sales (b) total debtors of the firms (c) the total sales die the month (d) cash sales only (e) the double entry for the total of the sales account
17. The sum of N6,555 described as bank represents (a) cash sales for the month including discounts (b) cash sales for the month excluding discounts (c) rescripts from trade debtors only (d) receipt from all the debtors of the business (e) taking from both cash credit sales
18. The balance of N92 represents the I amount necessary to balance the account II sum due to the customers III amount due from the customers (a) I only (b) II only (c) III only (d) I and II only (e) I and III only
19. The item purchases ledger N360 means I cash purchases during the period II credit purchase during the period III trade debtors set off against debts on purchases (a) I only (b) II only (c) III only(d) I and II (e) I and III
20. The balance of N1896 represents I. the sum required to balance the account II amount due to the customers III amount due from the customers (a) I only (b) II only (c) III only (d) I and II only (e) I and III only
21. Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that (a) both the liability are increased (b) both the liability and asset are decreased (c) liability is increased while the asset is decreased (d) liability is decreased while the asset is increases (e) both liability and asset remain unchanged
22. A subsiding record is a book (a) found in the ledger (b) subsiding entries (c) of original entry (d) containing the final account (e) of final entry
23. Which of the following does not belong to the group? (a) a proprietor of a business (b) an entrepreneur (c) an investor (d) a debtor (e) a creditor
24. The accounting equation is (a) capital less current assets amounts to liabilities (b) assets less liabilities amount to capital (c) fixed assets and current liabilities amount to capital (d) capital and assets amount to liabilities
25. A fixed amount of money set aside for pretty expenses is (a) imprest (b) float (c) receipt (d) fund
SECTION B
Answer two questions only from this section
1. a. What is an account? (3 marks)
b. Explain the principle of double entry system (4 marks)
c. In which books of prime entry would the following transactions be recorded?
i. A purchase on credit of goods for resale
ii. A cash purchases of a filing cabinet for office use
iii. Credit sale to a customer
iv. Correction of a posting error by which a new machine for use in the factory has been debited to purchases accounts (8 marks)
2. explain the following errors giving an example of each
a. principle (b) compensation (c) commission (d) complete reversal of entries (e) omission (15 marks)
3. a. What is bank reconciliation statement? (4 marks)
b. List four items that cause disagreement between bank statement balance and cash book balance (8 marks)
c. State one purchase for bank reconciliation(3 marks)
1. a. What is an account? (3 marks)
b. Explain the principle of double entry system (4 marks)
c. In which books of prime entry would the following transactions be recorded?
i. A purchase on credit of goods for resale
ii. A cash purchases of a filing cabinet for office use
iii. Credit sale to a customer
iv. Correction of a posting error by which a new machine for use in the factory has been debited to purchases accounts (8 marks)
2. explain the following errors giving an example of each
a. principle (b) compensation (c) commission (d) complete reversal of entries (e) omission (15 marks)
3. a. What is bank reconciliation statement? (4 marks)
b. List four items that cause disagreement between bank statement balance and cash book balance (8 marks)
c. State one purchase for bank reconciliation(3 marks)
SECTION C
(Answer only three 3)
1. T. emeka maintains a business bank account with1st Bank Nigeria Plc. The bank statement received for the month of march 1999 showed a balance of N14,265 to his credit while according to his cash book, he should be having N13,380. Subsequent investigation revealed the following:
a. Two cheques for A000111 for N3400 and X222419 for N6000 deposited to the bank on 28th march, 1999 were not credited by the bank until 2nd April, 1999
b. A cheque for N6500 issued to Jango ltd. Had not been presented for payment
c. A cheque for N3000 received from a customer in full settlement of a debit of N3,300 had been entered in the cash book at the full value of the debt
d. Dividend of N650 from PZ ltd, had been paid directly to the bank.
e. The bank deducted a total of N125 as its charges
f. The bank had credited a cheque of N3560 of V. Amaka in error to T. Emeka account
You are required to prepare:
i. Adjusted cash book and
ii. A bank reconciliation statement for the month of march 199(15 marks
2. AuduBako is a trader. The following balances were extracted from his books on 31st July,1998
N
Sales 307,442
Sales ledger control 28,860
Stock-in-trade 1/8/97 21,488
Trade subscriptions 104
Telephone and postages 884
Travellers commission 14,968
Salaries 10,432
Rent paid 2,280
Purchases 253,066
Purchases ledger control 12,358
Printing expenses 1,578
Petty cash in hand 32
Equipment and office furniture 3,240
Electricity 812
Insurance 504
Miscellanceous expenses 3,046
Drawings-AuduBako 7,054
Discount received 1,452
Cash @ bank 8,464
Capital Account Balance 1/8/97 38,814
Bad debts written off 484
Additional information:
a. Amounts owing by AuduBako on 31st July, 1998 were rent N760, travellers commission and expenses N1230, electricity N19,112.
b. Stock @ 31stjuly, 1998 was N19,112
c. Provision: accountancy changes N462 doubtful debts N580
d. Office furniture and equipment is to be depreciated by 10% you are required to prepare:
i. Trading and profit and loss Account for the year ended 31st July, 1998 and
ii. A balance sheet as @ the date(15 marks)
3. The following information has been extracted from the books ofC. Bintu
January 1. Balance @ bank N683
January1. Drew and cashed cheque for N500
January1. Bought for cash 14 model coast for N500
January3B.Aluko paid by cheque N100 on account paid cheque into bank
January 5. Sold for cash two costumes @ N36 and N33 repectively
January 5. Paid in cash, wages N72 and office expenses N10
January 9. Paid in cash by cheque H. Abba accountN258 less 5% discount
January 10. Cash sales to date N76
January 12. Paid by cheque, M.Harrison Account N300
January 14. Paid in cash carriage N33
January 18. Paid by cheque B.Banjo Account N82
January 18. Gave H.Abba cheque on account N100
January 18. B.Daodu paid N250 by cheque. Paid by cheque into bank.
January 21. Purchased for cash 7 packets office pins @ N1.17 per packet.
January 22. Paid cash into bank N100
You are required to prepared a three column cash book to record the above transactions(15 marks)
4. The following trial balance was extracted from the books of P. Ajibola on 31st December 1997
Dr. Cr.
Capital account 27,000
Sales 44,952
Purchases 15,663
Returns 546
Opening stock 3,438
Drawings account 2100
Salaries 1884
Manufacturing wages 11,568
Leasehold factor 8,057
Rent, rates and insurance 2082
Carriage outwards 693
Office expenses 2,856
Plant and machinery 7,200
Provision for bad debts 972
Discount received 354
Debtors and creditors 12,691
Cash @bank 663
Cash @hand 3,720
Salesmen commission 3,261
Office furniture 1,050
Bad debts 1200
79,644 79,644
Additional information:
a. Depreciation is toprovided on cost as follows: leasehold premises 20% plant and machinery 25%, office furniture 10%.
b. The provision for bad debts is to be made up to N1,500
c. The value of the stock as at 31st December was N1,678
d. Unexpired insurance premium amounting to N250 is to be carried forward to next year.
You are required to prepare:
i. Trading and profit and loss accounts for the year, and
ii. A balance sheet as @that date.(15 marks)
1. T. emeka maintains a business bank account with1st Bank Nigeria Plc. The bank statement received for the month of march 1999 showed a balance of N14,265 to his credit while according to his cash book, he should be having N13,380. Subsequent investigation revealed the following:
a. Two cheques for A000111 for N3400 and X222419 for N6000 deposited to the bank on 28th march, 1999 were not credited by the bank until 2nd April, 1999
b. A cheque for N6500 issued to Jango ltd. Had not been presented for payment
c. A cheque for N3000 received from a customer in full settlement of a debit of N3,300 had been entered in the cash book at the full value of the debt
d. Dividend of N650 from PZ ltd, had been paid directly to the bank.
e. The bank deducted a total of N125 as its charges
f. The bank had credited a cheque of N3560 of V. Amaka in error to T. Emeka account
You are required to prepare:
i. Adjusted cash book and
ii. A bank reconciliation statement for the month of march 199(15 marks
2. AuduBako is a trader. The following balances were extracted from his books on 31st July,1998
N
Sales 307,442
Sales ledger control 28,860
Stock-in-trade 1/8/97 21,488
Trade subscriptions 104
Telephone and postages 884
Travellers commission 14,968
Salaries 10,432
Rent paid 2,280
Purchases 253,066
Purchases ledger control 12,358
Printing expenses 1,578
Petty cash in hand 32
Equipment and office furniture 3,240
Electricity 812
Insurance 504
Miscellanceous expenses 3,046
Drawings-AuduBako 7,054
Discount received 1,452
Cash @ bank 8,464
Capital Account Balance 1/8/97 38,814
Bad debts written off 484
Additional information:
a. Amounts owing by AuduBako on 31st July, 1998 were rent N760, travellers commission and expenses N1230, electricity N19,112.
b. Stock @ 31stjuly, 1998 was N19,112
c. Provision: accountancy changes N462 doubtful debts N580
d. Office furniture and equipment is to be depreciated by 10% you are required to prepare:
i. Trading and profit and loss Account for the year ended 31st July, 1998 and
ii. A balance sheet as @ the date(15 marks)
3. The following information has been extracted from the books ofC. Bintu
January 1. Balance @ bank N683
January1. Drew and cashed cheque for N500
January1. Bought for cash 14 model coast for N500
January3B.Aluko paid by cheque N100 on account paid cheque into bank
January 5. Sold for cash two costumes @ N36 and N33 repectively
January 5. Paid in cash, wages N72 and office expenses N10
January 9. Paid in cash by cheque H. Abba accountN258 less 5% discount
January 10. Cash sales to date N76
January 12. Paid by cheque, M.Harrison Account N300
January 14. Paid in cash carriage N33
January 18. Paid by cheque B.Banjo Account N82
January 18. Gave H.Abba cheque on account N100
January 18. B.Daodu paid N250 by cheque. Paid by cheque into bank.
January 21. Purchased for cash 7 packets office pins @ N1.17 per packet.
January 22. Paid cash into bank N100
You are required to prepared a three column cash book to record the above transactions(15 marks)
4. The following trial balance was extracted from the books of P. Ajibola on 31st December 1997
Dr. Cr.
Capital account 27,000
Sales 44,952
Purchases 15,663
Returns 546
Opening stock 3,438
Drawings account 2100
Salaries 1884
Manufacturing wages 11,568
Leasehold factor 8,057
Rent, rates and insurance 2082
Carriage outwards 693
Office expenses 2,856
Plant and machinery 7,200
Provision for bad debts 972
Discount received 354
Debtors and creditors 12,691
Cash @bank 663
Cash @hand 3,720
Salesmen commission 3,261
Office furniture 1,050
Bad debts 1200
79,644 79,644
Additional information:
a. Depreciation is toprovided on cost as follows: leasehold premises 20% plant and machinery 25%, office furniture 10%.
b. The provision for bad debts is to be made up to N1,500
c. The value of the stock as at 31st December was N1,678
d. Unexpired insurance premium amounting to N250 is to be carried forward to next year.
You are required to prepare:
i. Trading and profit and loss accounts for the year, and
ii. A balance sheet as @that date.(15 marks)
ENJOY