WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2009 (SSCE WAEC MAY/JUNE 2009 FINANCIAL ACCOUNTING)
1. Which of the following books of original entry is used to record all payments and receipt by cash or cheque?
A. sales day book
B. cash book
C. purchase day book
D. general journal
2. As a basis for assessing future usage, fixed assets are shown at
A. selling price
B. cost price
C. cost plus residual value
1. Which of the following is the basis accounting equation?
A. assets = capital + liabilities
B. capital = assets + liabilities
C. liabilities = assets + capital
D. assets = liabilities + equity
2. A sales Day book is used for recording
A. credit sales
B. sales returns
C. hire purchase
D. cash sales
3. An analytical cash book is used to
A. indicate source of cash received
B. categorise petty cash payment
C. separate cash and bank balance
1. The manufacturing account is prepared to determine the cost of
A. trading
B. production
C. factory overhead
D. raw materials
1. The systematic recording of business transactions is
A. auditing
B. book-keeping
C. debiting
D. crediting
WASSCE JUNE 2002 FINANCIAL ACCOUNTING (BOOK – KEEPING AND ACCOUNTS)
1. The accounting equation is
A. Capital less current assets amounts to Liabilities
B. assets less liabilities amount to capital
C. fixed assets and current Liabilities amount to capital
D. capital assets amount t liabilities
2. A fixed amount set aside for petty expenses is
A. imprest
B. float
C. receipt
D. fund
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SSCEAccounting 2001 |
1. The income accruing to debenture holders is called
A. dividend
B. net profit
C. shares
D. interest
2. The amount by which assets exceed specific liabilities is called
A. reserve
B. provision
C. premium
D. bonus
3. Which of the following has a debit balance at the end of the year?
A. rates prepaid account
B. bank loan account
WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2000 (SSCE WAEC MAY/JUNE 2000 FINANCIAL ACCOUNTING)
1. Which of the following is not an intangible asset
A. License
B. Patents
C. Trade Marks
D. Fixtures
2. Which of the following is a capital expenditure
A. Salaries and wages
B. Stationery
C. Repairs of motor vehicles
D. Purchase of Vehicles
3. Shares of goods for N600 was not posted. This is an error of
A. omission
B. commission
C. principle
D. compensation