Principles of Accounts WAEC Past Questions
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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;

1. Use the following information to answer the question

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
2. Use the following information to answer the question

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
3. Memorandum branch account is prepared to determine
  • A. gross profit
  • B. credit sales
  • C. closing stock
  • D. opening stock
4. Use the following information to answer the question

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
5. Use the following information to answer the question

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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6. Use the following information to answer the question

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
7. Reliability as a quality of accounting information means that accounting
  • A. rules and guidelines are applied
  • B. information is prepared based on evidence
  • C. information is comprehensive
  • D. report is prepared promptly
8. Use the following information to answer the question

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
9. Use the following information to answer the question

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

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  • A. GH⊄ 1,120
  • B. GH⊄ 1,920
  • C. GH⊄ 700
  • D. GH⊄ 800
10. Which of the following items is a tangible asset?
  • A. Copyright
  • B. Machinery
  • C. Goodwill
  • D. Lease
11. Use the following information to answer the question
 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
13. Use the following information to answer the question

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
14. Use the following information to answer the question

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
15. Use the following information to answer the question

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
16. The source of funds available to a local government/district assembly includes
  • A. common fund allocation
  • B. none of the above
  • C. excise duties
  • D. road tolls
17. A reason a business is not able to keep full set of accounting records is that
  • 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
18. Which of the following items is classified as capital expenditure in public sector accounting?
  • A. Training and conference cost
  • B. Construction works’s cost
  • C. Wages and salaries
  • D. Financial charges
19. Use the following information to answer the question
$
 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
20. Use the following information to answer the question
 $
 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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21. In the final account of a limited liability company, debenture interest paid is recorded in the
  • A. capital account
  • B. profit and loss account
  • C. trading account
  • D. current account
22. Suppliers’ personal account are found in the
  • A. private ledger
  • B. nominal ledger
  • C. purchases ledger
  • D. sales ledger
23. One of the internal users of accounting information is the
  • A. management
  • B. government
  • C. creditors
  • D. investors
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24. The accounting concept which is the basis upon which assets of a business are valued is the
  • A. dual aspect concept
  • B. consistency concept
  • C. accrual concept
  • D. historical concept
25. Profit distributed to ordinary shareholders of a limited liability company is
  • A. dividend
  • B. interest
  • C. surplus
  • D. reserve

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26. The accounts maintained in the nominal ledger are
  • A. liabilities and capital
  • B. assets and liabilities
  • C. income and capital
  • D. expenses and income
27. Beauty started business with ₦40,000, made a profit of ₦50,000 and ended the year with ₦70,000 capital. What would have accounted for the closing capital?
  • 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
28. A partnership is formed by
  • A. two or more individuals
  • B. only one person
  • C. two individuals only
  • D. two or more companies
29. The purchase day book is used to record
  • A. purchases returns
  • B. cash purchase
  • C. total purchases
  • D. credit purchase
30. A business should not lay claim to any profit before it is earned. This is in accordance with the
  • A. going concern concept
  • B. prudence concept
  • C. dual aspect concept
  • D. consistency concept
31. The allocation of funds from treasury to accounting heads in public sector is
  • A. float
  • B. vote
  • C. virement
  • D. budget
32. The accumulated fund for a not-for-profit making organization is
  • A. capital + liabilities
  • B. assets – liabilites
  • C. assets + liabilites
  • D. assets – liabilities + capital
33. 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 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
35. The reason for treating carriage inwards in the trading account is because
  • 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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36. The concept which underlines double entry bookkeeping is
  • A. money measurement concept
  • B. historical cost concept
  • C. accrual concept
  • D. duality concept
37. Wages of machine operators in manufacturing account are treated as
  • A. indirect expenses
  • B. direct expenses
  • C. direct labour
  • D. indirect labour
38. The error that affects the agreement of a trial balance totals is
  • A. error of commission
  • B. undercasting
  • C. compensating error
  • D. error of principle
39. Which of the following items is found in the profit and loss account of a company?
  • A. Proposed dividends
  • B. Transfer to general reserves
  • C. Director’s remuneration
  • D. Proceeds from issue of shares
40. Carriage inwards on raw materials is recorded in the
  • A. balance sheet
  • B. profit and loss account
  • C. trading account
  • D. manufacturing account
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41. If sales is D 12,000 and the gross profit mark -up percentage is 25%. What is the cost of sales?
  • A. D 2,400
  • B. D 9,000
  • C. D 9,600
  • D. D 3,000
42. Which of the following items are apportioned on the basis of purchases in preparing departmental accounts?
  • A. Lighting and cooling expenses
  • B. Carriage outwards
  • C. Carriage inwards
  • D. Selling and distribution expenses
43. Use the following information to answer the question

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
44. Use the following information to answer the question

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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46. Use the following information to answer the question

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
47. Use the following information to answer the question

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
48. Which of the following rules is applicable in the absence of a partnership agreement? Interest is payable
  • 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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49. The two column cash book records
  • 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
50. A crane hired by a building construction company would be classified as
  • 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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