Need free WAEC Accounts objective past questions to study now for your exam?
See the standard 50 WAEC objective Accounts questions with answers and explanation or download 3 YEARS PDF at the bottom of this post for offline study.
- ALSO SEE: WAEC PAST QUESTIONS FOR OTHER SUBJECTS
Study WAEC Accounts objective past questions
Click any heading (in red) for more WAEC questions on that topic or “SEE ANSWER” under each question.
WAEC
1. The source document used to make entries in the purchases day book is _____
A. debit note
B. credit note
C. invoice
D. receipt
SEE #1 ANSWER ✅
Coming soon…
WAEC literary device
2. A book that contains individual accounts of suppliers is the _____
A. purchases ledger
B. general ledger
C. nominal ledger
D. sales ledger
WAEC poetry terms
3. In the operation of an imprest system of petty cash, the _____
A. petty cashier pays all expenses
B. petty cashier pays money to the accountant
C. petty cashier regularly begins each period with the same amount of money
D. main cashier accounts to the petty cashier for some expenses made by him
WAEC drama terms
4. An example of a credit entry in a profit and loss account is _____
A. carriage inwards
B. carriage outwards
C. discounts allowed
D. discounts received
WAEC poetry terms
5. Which of the following subsidiary books involves cash movement?
A. Sales day book
B. Purchases day book
C. Returns inwards book
D. Petty cash book
WAEC figures of speech
6. The accounting treatment for a dishonoured cheque is, debit ____
A. Customer's Account; Credit Bank Account
B. Bank Account; Credit Customer's Account
C. Customer's Account; Credit Sales Account
D. Sales Account; Credit Customer's Account
WAEC rhyme scheme
7. Net turnover is referred to as _____
A. purchases
B. assets
C. sales
D. profits
WAEC poetry terms
8. Which of the following transactions will result in disagreement between the cash book arid the bank statement?
A. Selling of goods on credit to a customer
B. Withdrawal of goods by the proprietor for his personal use
C. Cheque paid directly into the bank account by a customer
D. Omission of purchases received from a supplier on credit
WAEC drama terms
9. Purchases 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 commission
D. an error of principle
WAEC poetry terms
10. 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. Purchases Day Book
Use the following information to answer question 11 and 12.
| ₦ | |
| Cost of motor vehicle 1/1/12 | 85,000 |
| Residual value | 5,000 |
Estimated useful lifespan 10 years. The business makes use of the straight line method for providing depreciation.
WAEC rhyme scheme
11. The annual depreciation is ___
A. ₦9,000
B. ₦8,500
C. ₦8,000
D. ₦6,500
WAEC prose terms
12. The accumulated depreciation as at 31/12/2013 is _____
Α. ₦18,500
B. ₦17,000
C. ₦16,000
D. ₦8,000
WAEC literary device
13. An error of principle is made, if _____
A. an entry has been made in 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 concerned
D. a transaction is entered in both accounts for the wrong amount
WAEC literary device
14. Which of the following is entered in the general journal?
A. Purchase of goods
B. Sale of goods on credit
C. Returns inwards
D. Acquisition of fixed assets
WAEC figures of speech
15. The cost of carriage outward is classified as _____
A. a selling and distribution expense
B. an administrative expense
C. trading expense
D. a finance expense
WAEC drama terms
16. The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as _____
A. an acquisition of fixed asset
B. an expense in its general office expense account
C. part of capital in the capital account
D. an acquisition of stock
WAEC poetry terms
I. Samson’s account (a debtor).
II. Motor vehicle account.
III. Sales account.
IV. Rent and rates account.
17. Which of the following accounts would appear in the nominal ledger?
A. I, II and III only
B. I, III and IV only
C. II, III and IV only
D. III and IV only
WAEC drama terms
18. The sum of direct cost in a manufacturing account is _____
A. production cost
B. prime cost
C. total cost
D. finance cost
WAEC figures of speech
19. 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. sale revenue less cost of sales and expenses
WAEC literary device
20. An example of a self-balancing account is the _____
A. suspense account
B. creditor's account
C. control account
D. debtor's account
Use the following information to answer question 21 and 22.
The total sales of a business was GHc 2,160,000. The average mark-up for the year was 50%.
WAEC literary device
21. The gross profit is _____
A. GHc 2,160,000
B. GHc 1,440,00
C. GHc 1,080,000
D. GHc 720,000
WAEC figures of speech
22. The cost of sales is _____
A. GHc 2,160,000
B. GHc 1,440,000
C. GHc 1,080,000
D. GHc 720,000
WAEC literary device
23. Which of the following is not an administrative expense in a manufacturing organization?
A. Discounts allowed
B. Office electricity
C. Stationery
D. Insurance
WAEC figures of speech
24. When an asset is sold, the entries for the accumulated depreciation are: debit _____
A. Asset Disposal Account; credit Provision for Depreciation Account
B. Provision for Depreciation Account: Credit Asset Disposal Account
C. Fixed Asset Account: Credit Asset Disposal Account
D. Asset Disposal Account: Credit Fixed Asset Account
WAEC prose terms
25. A petty cash account has an imprest of D28.000. The account has a debit balance of D5.000, How much cash is needed to restore the imprest?
A. D33,000
B. D28,000
C. D23,000
D. D5,000
WAEC rhyme scheme
26. In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a _____
A. surplus
B. shortfall
C. loss
D. deficit
WAEC poetry terms
27. The accounting concept underlying the treatment of personal expenses of the business owner as drawing is _____
A. periodicity
B. accrual
C. entity
D. materiality
WAEC literary device
28. Which of the following items is not contained in the Receipts and Payments Account?
A. Subscription paid in advance
B. Stock paid for in advance
C. Outstanding wages and salaries
D. Donations
29. The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is _____
A. consistency concept
B. prudence concept
C. accrual concept
D. going concern concept
30. When shares are issued above their nominal value, the excess above the nominal value is _____
A. credited to Profit and Loss Account
B. debited to Share Premium Account
C. credited to Share Capital Account
D. credited to share Premium Account
WAEC Shakespeare (The Tempest)
31. Shares issued below nominal value are referred to as shares at _____
A. premium
B. discount
C. face value
D. cumulative value
Use the following information to answer questions 32 to 34.
| Le | |
| Capital: | |
| Aye | 20,000 |
| Bee | 30,000 |
| Drawings: | |
| Aye | 8,000 |
| Bee | 2,000 |
| Profit for the year | 10,000 |
Interest on capital – 6%
Interest on drawings – 10%
Profit sharing is in the ratio of capital.
32. The divisible profit is _____
A. Le 14,000
B. Le 12,000
C. Le 10,000
D. Le 8,000
WAEC Shakespeare (The Tempest)
33. Aye's share of profit is _____
A. Le 6,000
B. Le 4,800
C. Le 4,000
D. Le 3,200
34. Bee's share of profit is _____
A. Le 8,000
B. Le 6,000
C. Le 4,800
D. Le 3,200
WAEC Shakespeare (The Tempest)
35. The accounting ratio used to measure the average number of days for which suppliers remain unpaid is _____
A. stock turnover
B. creditors' payment period
C. debtors’ collection period
D. return on capital employed
36. When the purchase consideration exceeds the value of business, the difference is _____
A. profit
B. discount
C. goodwill
D. reserve
WAEC Shakespeare (The Tempest)
37. The primary classification of government expenditure is based on _____
A. programs
B. funds
C. activity
D. project
38. An example of input device of a computer is _____
A. an optical character reader
B. a graph plotter
C. a visual display unit
D. printer
WAEC Shakespeare (The Tempest)
39. The accounting concept which states that "expenditure involving insignificant amounts should be regarded as expenses and not assets" is _____
A. business entity
B. materiality
C. dual aspect
D. realization
40. A company made a net profit of ₦2,000,000 for the year and its net profit percentage is 25%. What are the total sales for the year?
A. ₦8,000,000
B. ₦6,000,000
C. ₦800,000
D. ₦500,000
WAEC Shakespeare (The Tempest)
41. Which of the following information is recorded in the returns outwards book?
A. Goods purchased on credit and subsequently returned to supplier
B. Fixed asset bought on credit and subsequently returned to supplier
C. Cash payment received from a customer and subsequently returned to supplier
D. Goods sold to a customer and subsequently returned to the business
Use the following information to answer questions 42 and 43.
| D | |
| Branch stock account (at selling price) | 346,000- debit |
| Branch mark-up account | 62,000 debit |
42. Calculate the stock figure to be included in the balance sheet at the year end.
A. D408,000
B. D346,000
C. D284,000
D. D62,000
43. The concept applied in answering question 42 above is _____
A. matching
B. consistency
C. prudence
D. entity
44. Subscriptions in advance is classified in the balance sheet as _____
A. an asset
B. a liability
C. a deficit
D. a surplus
45. Which of the following items is NOT treated in the Profit and Loss Account?
A. Office expenses
B. Salaries and allowances
C. Carriage inwards
D. Discounts allowed
WAEC Shakespeare (The Tempest)
46. The document prepared by a local/district government to present is annual estimates for a planning period is _____
A. a balance sheet
B. budget
C. an income and expenditure account
D. a cash book
47. A manufacturing account is drawn up by _____
A. firms providing personal services
B. firms engaged solely in buying and selling of goods
C. firms which make and sell articles
D. non-trading organization
48. Which of the following is NOT a factory overhead cost?
A. Manufacturing wages
B. Factory rent
C. Depreciation of machinery
D. Salary of factory guard
49. A collection of fields relating to one logically definable unit of business information is known as _____
A. data
B. character
C. byte
D. record
50. The principle of double entry book-keeping states that _____
A. every debtor must have a creditor
B. every account debited must be immediately credited
C. for every debit entry, there must be a corresponding credit entry
D. for every double debit, there must be a double credit
- This past questions were extracted from the official WAEC 2015 Accounting paper 1.
Download Accounts objective WAEC past questions PDF
- OR SEE WAEC ACCOUNTING THEORY PAPERS
GOOD LUCK.
Did you encounter any issue(s) with the study or download of this WAEC Accounts objective questions? Let us know in the comments below.
Leave a Reply