Principles of Accounts WAEC Past Questions 2023 [UPDATED]
Principles of Accounts WAEC past questions are here to help you write better in your next exam, both in internal and GCE NECO examinations.
In this post, we are going to give you the list of questions that you will likely meet on your NECO exam. NECO has the history of repeating questions, year after year and you might be lucky enough to have some of the questions here repeated.
Principles of Accounts WAEC Past Questions
Below are all the Principle of Accounts WAEC past questions;
The health department of Banjul Local Government incurred the following expenditure in 2020:
| Le | |
| Construction of hospital wards | 200,000 |
| Purchase of hospital beds | 20,000 |
| Purchase of stationeries | 15,000 |
| Salaries and wages | 60,000 |
| Purchase of drugs | 50,000 |
| Purchase of x-ray machine | 100,000 |
The capital expenditure for the year is
- A. Le 125,000
- B. Le 320,000
- C. Le 370,000
- D. Le 455,000
The health department of Banjul Local Government incurred the following expenditure in 2020:
| Le | |
| Construction of hospital wards | 200,000 |
| Purchase of hospital beds | 20,000 |
| Purchase of stationeries | 15,000 |
| Salaries and wages | 60,000 |
| Purchase of drugs | 50,000 |
| Purchase of x-ray machine | 100,000 |
The recurrent expenditure for the year is
- A. Le 370,000
- B. Le 125,000
- C. Le 320,000
- D. Le 445,000
- A. gross profit
- B. credit sales
- C. closing stock
- D. opening stock
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
| Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
| Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The total income for the month is
- A. D 278,000
- B. D 180,000
- C. D 154,800
- D. D 306,900
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
| Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
| Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The balance brought down at the end of the month is
- A. D 278,300
- B. D 154,800
- C. D 478,300
- D. D 323,500
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The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
| Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
| Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The total expenses for the month is
- A. D 278,300
- B. D 323,500
- C. D 478,300
- D. D 154,800
- A. rules and guidelines are applied
- B. information is prepared based on evidence
- C. information is comprehensive
- D. report is prepared promptly
Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The interest on drawings for Ant is
- A. GH⊄ 800
- B. GH⊄ 1,920
- C. GH⊄ 1,120
- D. GH⊄ 700
Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The total interest on drawings to be charged to profit and loss appropriation account is
- A. GH⊄ 1,120
- B. GH⊄ 1,920
- C. GH⊄ 700
- D. GH⊄ 800
- A. Copyright
- B. Machinery
- C. Goodwill
- D. Lease
| Le | |
| Capital (01/01/2020) | 1,934,600 |
| Capital (31/12/2020) | 2,530,000 |
| Expenses | 3 45,900 |
| Drawings for 2020 | 72,500 |
| Additional capital for 2020 | 250,000 |
The gross profit for the year is
- A. Le 763,800
- B. Le 595,400
- C. Le 417,900
- D. Le 167,900
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12. Use the following information to answer the question
| Le | |
| Capital (01/01/2020) | 1,934,600 |
| Capital (31/12/2020) | 2,530,000 |
| Expenses | 346,900 |
| Drawings for 2020 | 72,500 |
| Additional capital for 2020 | 250,000 |
The net profit for 2020 is
- A. Le 522,900
- B. Le 417,900
- C. Le 595,400
- D. Le 72,000
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
| Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
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The cost of goods available for sale is
- A. D 175,860
- B. D 175,380
- C. D 175, 120
- D. D 175,460
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
| Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The gross profit
- A. D 39,360
- B. D 38, 620
- C. D 36,360
- D. D 39,220
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
| Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The net profit is
- A. D 21, 760
- B. D 18, 260
- C. D 21, 020
- D. D 21, 620
- A. common fund allocation
- B. none of the above
- C. excise duties
- D. road tolls
- A. the business does not make profit
- B. double entry is expensive to maintain
- C. the business is not a trading concern
- D. double entry shows the true profit
- A. Training and conference cost
- B. Construction works’s cost
- C. Wages and salaries
- D. Financial charges
| $ | |
| Trade creditors (31/12/2020) | 4,000 |
| Paid for purchases in 2021: Cheques | 110,000 |
| Carriage inwards | 1,000 |
| Trade creditors (31/12/2021) | 6,000 |
The total purchase in 2021 is
- A. $121,000
- B. $113,000
- C. $117,000
- D. $111,000
| $ | |
| Trade creditors (31/12/2020) | 4,000 |
| Paid for purchases in 2021: Cheques | 110,000 |
| Carriage inwards | 1,000 |
| Trade creditors (31/12/2021) | 6,000 |
The balance c/d on trade creditors will be recorded in the balance sheet as
- A. current asset
- B. short-term liability
- C. long-term liability
- D. fixed asset
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- A. capital account
- B. profit and loss account
- C. trading account
- D. current account
- A. private ledger
- B. nominal ledger
- C. purchases ledger
- D. sales ledger
- A. management
- B. government
- C. creditors
- D. investors
- A. dual aspect concept
- B. consistency concept
- C. accrual concept
- D. historical concept
- A. dividend
- B. interest
- C. surplus
- D. reserve
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- A. liabilities and capital
- B. assets and liabilities
- C. income and capital
- D. expenses and income
- A. Drawings of ₦20,000 was made
- B. The opening capital of ₦40,000 was invested
- C. Beauty was paid a salary of ₦90,000
- D. Cash shortage of ₦30,000 was recorded
- A. two or more individuals
- B. only one person
- C. two individuals only
- D. two or more companies
- A. purchases returns
- B. cash purchase
- C. total purchases
- D. credit purchase
- A. going concern concept
- B. prudence concept
- C. dual aspect concept
- D. consistency concept
- A. float
- B. vote
- C. virement
- D. budget
- A. capital + liabilities
- B. assets – liabilites
- C. assets + liabilites
- D. assets – liabilities + capital
The transactions of All Girls’ Social Club for the year 2021 are as follows:
Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
| 31st December | 2020 | 2021 |
| D | D | |
| Stock at bar | 1400 | 1600 |
| Owing for bar supplies | 6500 | 7300 |
The value of purchases for the year is
- A. D 16,200
- B. D 17,800
- C. D 17,000
- D. D 16,800
34. Use the following information to answer the questions
The transactions of All Girls’ Social Club for the year 2021 are as follows:
Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
| 31st December | 2020 | 2021 |
| D | D | |
| Stock at bar | 1400 | 1600 |
| Owing for bar supplies | 6500 | 7300 |
The net profit on the bar to be transferred to the income an expenditure account for the year ended 31st December 2021 is
- A. D 11,600
- B. D 11,800
- C. D 13,000
- D. D 12,400
- A. it is an expense on goods sold to customer
- B. carriage outwards is an expense item in the profit and loss account
- C. it is an expense on goods purchased
- D. it does not appear in the balance sheet
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- A. money measurement concept
- B. historical cost concept
- C. accrual concept
- D. duality concept
- A. indirect expenses
- B. direct expenses
- C. direct labour
- D. indirect labour
- A. error of commission
- B. undercasting
- C. compensating error
- D. error of principle
- A. Proposed dividends
- B. Transfer to general reserves
- C. Director’s remuneration
- D. Proceeds from issue of shares
- A. balance sheet
- B. profit and loss account
- C. trading account
- D. manufacturing account
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- A. D 2,400
- B. D 9,000
- C. D 9,600
- D. D 3,000
- A. Lighting and cooling expenses
- B. Carriage outwards
- C. Carriage inwards
- D. Selling and distribution expenses
Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.
The depreciation to be charged for the third year will be
- A. ₦3,000
- B. ₦4,000
- C. ₦1,000
- D. ₦2,000
Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.
The value of the asset at the end of the first year is
- A. ₦5,000
- B. ₦8,000
- C. ₦2,000
- D. ₦3,000
45. Discount allowed is shown in financial statements as
- A. an asset
- B. an income
- C. a liability
- D. an expenses
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Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.
The paid up share capital is
- A. GH⊄ 300,000
- B. GH⊄ 250,000
- C. GH⊄ 500,000
- D. GH⊄ 600,000
Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.
The authorized number of shares is
- A. 3,000,000
- B. 8,000,000
- C. 5,000,000
- D. 100,000
- A. on drawings at the rate of 5% per annum
- B. on any contribution in excess of agreed capital at 5% per annum
- C. at 5% per annum on the current account balances
- D. on agreed capital contributed at 5% per
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- A. all receipts in cash only and payments by cheque
- B. receipts and payments in cash only
- C. all receipts and payments both in cash and by cheque
- D. receipts and payments by cheque only
- A. a financial cost
- B. an administration cost
- C. a direct manufacturing cost
- D. an overhead cost
Frequently Asked Questions
How Many Objective Questions Are We To Answer?
You will answer the total of 50 objective questions in your WAEC exams
How Can I Prepare For WAEC Exam?
Looking the the past questions in combination with your WAEC syllabus will help you prepare better
Conclusion
Principles of Accounts WAEC past questions will be very simple for you if you prepare well for the exam and that is why we have decided to make this very easier for you by giving you all this things (past questions). Do well to share this with your friends and classmates. Good Luck!!
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