WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2019 (SSCE WAEC MAY/JUNE 2019 FINANCIAL ACCOUNTING)
1. A quality of accounting information is that it should be
A. profitable
B. verifiable
C. appreciable
D. depreciable
2. When the letter "C" is written in front of an entry in the folio column of a cash book is shows a
A. double entry
B. cash entry
C. contra entry
C. journal entry
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2018 (SSCE WAEC MAY/JUNE 2018 FINANCIAL ACCOUNTING)
1. Investors in a business are mainly in the firm's
A. liquidity
B. debt
C. management
D. profitability
2. One of the characteristics of useful accounting information is
A. Profitability
B. comparability
C. efficiency
D. liquidity
3. Which of the following items is found is found on the debit side of a trial balance?
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2017 (SSCE WAEC MAY/JUNE 2017 FINANCIAL ACCOUNTING)
1. Customers use the financial statement of a company to
A. assess the financial position of the business
B. regulate their activities
C. ascertain the taxable profit of the business
D. be sure of the extent of job security
2. The claim on the assets of a business by outsides is
A. capital
B. liabilities
C. reserves
D. provisions
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2016 (SSCE WAEC MAY/JUNE 2016 FINANCIAL ACCOUNTING)
1. External users of accounting information include
A. employee
B. management
C. bankers
D. directors
2. Every asset should have
A. a non monetary value
B. tangible and intangible qualities
C. monetary cost and future benefit
D. an inadequate monetary value
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2015 (SSCE WAEC MAY/JUNE 2015 FINANCIAL ACCOUNTING)
1. Which of the following describes a trial balance?
A. it is a special account
B. it is a list of balances in the books
C. it reveals the financial position of a business
D. it shows all the entries in the books of a business
2. Which of the following is not a feature of accounting information?
A. Affordability
B. Timelines
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2014 (SSCE WAEC MAY/JUNE 2014 FINANCIAL ACCOUNTING)
1. The source document used to make entries in the purchase day book is
A. debit note
B. credit note
C. invoice
D. receipt
2. A book that contains individual accounts of suppliers is the
A. purchase ledger
B. general ledger
C. nominal ledger
D. sales ledger
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2013 (SSCE WAEC MAY/JUNE 2013 FINANCIAL ACCOUNTING)
1. The distinguishing feature between a two-column cash book is
A. discount column
B. cash column
C. bank column
D. ledger folio
2. The lodgment of business cash into the business bank account is an example of
A. contra entry
B. bank reconciliation
C. self-balancing ledger
D. reversal entry
3. A credit balance is
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2011 (SSCE WAEC MAY/JUNE 2011 FINANCIAL ACCOUNTING)
1. The objectively of accounting information is enable users to
A. prepare the financial statements
B. value stock
C. make decisions
D. prepare budgets
2. Trade discounts are given for
A. bulk purchases
B. prompt payment
C. quick delivery
D. cash payment
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2011 (SSCE WAEC MAY/JUNE 2011 FINANCIAL ACCOUNTING)
1. The two fundamental books of accounting are
A. return inwards and outwards
B. journal and ledger
C. discounts allowed and received
D. credit note and debit note
2. Which of the following is a capital expenditure?
A. extension of building
B. repairs of generator
C. purchase of stock
D. purchase of stationery
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2010 (SSCE WAEC MAY/JUNE 2010 FINANCIAL ACCOUNTING)
1. Which of the following is not an external user of accounting information?
A. management
B. creditors
C. shareholders
D. government
2. A trial balance is prepared to
A. detect fraud
B. ascertain losses in a trading period
C. determine opening capital
D. test arithmetical accuracy of ledger entries