WAEC SSCE - Financial Accounting - 2016 (Objective)

Which of the following is a credit item in an income and expenditure account?

The cost of goods returned by branch to head office is debited

When a fixed asset is disposed off, the accounting entries to write off the asset are Debit

The entries for credit sales at branch where the head office keeps all records are:Debit

A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is

A loan to a company under the company's seal is

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

In accounting context, purchases refer to

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

Which of the following items is a current liability?

Use the following information to answer this question.

Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.

The depreciable value of computers is

External users of accounting information include

Assets which are readily convertible into cash are termed as

In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as

The balance sheet is prepared to reveal

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.

The balance sheet as at 31st December 2014 will show

Which of the following items of expense involves actual cash payment?

Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.

The authorized share capital is

A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?

Which of the following is a source of local government revenue?

The excess of cost of goods sold over net sales is

The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is

Which of the following errors will affect the agreement of the trial balance?

Which of the following expenses is apportioned between departments based on sales?

Which of the following are impersonal accounts ?
I. Investment
II. Creditors
III. Premises
IV. Debtors
V. Salaries

Every asset should have

The transfer of money from one sub-head to another in the public sector is

Purchases of fixtures and fittings by a club is recorded in the

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the

Where fixed capitals are maintained in a partnership, share profits are

Bank reconciliation statement is prepared to reconcile the differences between

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?

Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

In preparing partnership accounts, interest on drawings is debited to current accounts and credited to

Which of the following would result from an increase in the provision for doubtful debts?

The total of the discounts received column in the three column cash book is?

Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit

Which of the following errors are errors of commission?
I. A cheque paid to Adam debited to Adam's account.
II. Credit sales to Eva credited to sales account but debited to Eve's account.
III. Furniture repairs debited to furniture account.
IV. Credit purchases from Manu credited to Manu's account.

Debts that a firm is unable to recover are debited to bad debts account and credited to

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

The financial statement which is an expression of the accounting equation is the

The branch current account records

Use the following information to answer this question.

Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.

The total costs of the computers is

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