Principles and Practice of Double Entry Generix Content - Principles and Practice of Double Entry
HOME

EXAMS

JAMB

WAEC

CONTENTS

SIGN IN

JOIN NOW
"Principles and Practice of Double Entry" question number distribution across years
loading...
Search "Principles and Practice of Double Entry" on the following sites online
 
Financial Accounting index on skoool nigeria
 
WAEC questions for "Financial Accounting :: Principles and Practice of Double Entry"
Q1

Which of the following books of original entry is used to record all payments and receipts by cash or cheque?

A

Sales day book

B

Cash book

C

Purchases day book

D

General journal

E
Q2

As a basis for assessing future usage, fixed assets are shown at

A

selling price

B

cost price

C

cost plus residual value

D

net book value

E
Q3

A difference between the debit and credit totals in a Trial Balance is placed in

A

bank reconciliation statement

B

profit and loss account

C

suspense account

D

appropriation account

E
Q4

A three column Cash Book contains columns for

A

Cash, Assets and liabilities

B

Bank, Cash and Assets

C

Cash, Bank and Returns

D

Discount, Cash and Bank

E
Q5

Which of the following does not appear in a bank statement?

A

Dividends received

B

Bank charges

C

Uncredited cheques

D

Dishonoured cheques

E
Q6

The petty cash book has

A

a debit balance only

B

a credit balance only

C

a nil balance only

D

both debit and credit balances

E
Q7

Credit sales was debited to Akpan instead of Richard. This is an error of

A

principle

B

original entry

C

omission

D

commission

E
Q8

Which of the following is not part of the double entry system?

A

Trading Account

B

Profit and Loss Account

C

Appropriation Account

D

Balance sheet

E
Q9

In the balance sheet, the balance on the provision for Depreciation Account is shown as

A

addition to fixed assets

B

deduction from fixed assets

C

addition to capital

D

deduction from current liabilities

E
Q10

Which of the following are Personal Accounts?

I Wages

II Debtors

III Creditors

IV Buildings

A

I, II and III only

B

II and III only

C

II and IV only

D

III and IV only

E
Q11

Use the following information to answer question 40

From the table below the Total withdrawal is ?

   Bank Statement    
   Dr  Cr  Balance
   ¢  ¢  ¢
 2/1/06 Balance b/d      2,000
 3/1/06 '23456'  500    1,500
 4/1/06  Deposit    1,000  2,500
 5/1/06  Deposit    1,500  4,000
 6/1/06  '23457'  3,000    1,000

A

¢3,500

B

¢2,500

C

¢2,000

D

¢1,000

E
Q12

An analytical cash book is used to

A

indicates sources of cash received

B

categorise petty cash payment

C

seperate cash and bank balance

D

analyse amounts due from debtors

E
Q13

Which of the following is a debit entry in debtors control account?

A

Credit sales

B

Bad debts

C

Returns inwards

D

Discount allowed

E
Q14

Which of the following is not an item in the appropriation account of a company?

A

General reserve

B

Company tax

C

Debenture interest

D

Goodwill written off

E
Q15

The purchase of a furniture, an asset to the company was debited to purchases account. This is an error of

A

omission

B

original entry

C

principle

D

commission

E
Q16

A cash payment of ₦85 to Regina was entered into the books as ₦58. The entries to correct error are: debit

A

Regina's Account ₦27: Credit Cash Account ₦27

B

Cash Account ₦27: Credit Regina's Account ₦27

C

Regina's Account ₦143: Credit Cash Account ₦143

D

Cash Account ₦143: Credit Regina's Account

E
Q17

Which of the following is not  a subsidiary book?

A

sales journal

B

cash book

C

purchases ledger

D

general ledger

E
Q18

In bank reconciliation, when a cash book shows a credit balance, uncredited cheques are:

I. deducted from the cash book balance

II. added to the bank statement

III added to the cash book balance

A

I and II only

B

I,II and III

C

II and III only

D

III only

E
Q19

Which of the following is an advantage of the imprest system?

A

Rewarding the imprest holder

B

Reducing the burden of petty cashier

C

Reimbursing the petty cashier regularly

D

Reducing the postings for small expenses into the main ledger

E
Q20

The entries to record goods bought for cash are: debit

A

Cash Account; Credit purchases Account

B

Purchases Account; Credit Cash Account

C

Purchases Account; Credit Stock Account

D

Purchases Account; Credit Goods Account

E
Q21

Carriage inwards is posted to

A

Trading Account

B

Profit and Loss Account

C

Appropriation Account

D

Balance Sheet

E
Q22

Repairs to air conditioners was debited to office equipment account. This is an error of

A

principle

B

commission

C

original entry

D

compensation

E
Q23

Which is of the following is a nominal account?

A

Bank Account

B

Cash Account

C

Sales Account

D

Stock Account

E
Q24

A debit entry in the Cash Account and a corresponding credit entry in Alieu's Account indicate a

A

receipt of cash from Alieu

B

payment of cash to Alieu

C

sales of goods to Alieu for cash

D

purchase of goods from Alieu for cash

E
Q25

A rent of ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is

A

debit Rent Account, credit Taiwo's Account

B

debit Bank Account, credit Rent Account

C

debit Bank account, credit Rent Account

D

debit Taiwo's Account, credit Rent Account

E
Q26

The sum of money given to petty cashier out of which small payments are made is a/an

A

bonus

B

loan

C

advance

D

float

E
Q27

The total of the discount from creditors is transferred to

A

credit side of Discounts Received Account

B

debit side of Discounts Received Account

C

credit side of Discounts Allowed Account

D

debit side of Discount Allowed Account

E
Q28

Which of the following is not a real account?

A

Buildings account

B

Motor vehicles account

C

Patients account

D

Furniture account

E
Q29

A system where a seperate cash book is maintained for small payments is

A

single entry

B

imprest

C

float

D

reimbursement

E
Q30

A book that contains the accounts for the financial transactions of an organization is the

A

journal

B

ledger

C

folio

D

register

E
Q31

Books of account consists of

A

ledgers and subsidiary books

B

ledgers and principal books

C

folios and subsidiary books

D

ledgers and cash book

E
Q32

Cross referencing among different books of accounts is achieved with the use of

A

columns

B

reference numbers

C

folio

D

margin

E
Q33

Bank reconcialition statement reconciles

A

bank and cash balances in the cash book

B

bank balance in the cash book and bank statement balance

C

cash balance in the cash book and bank statement balance

D

bank balance brought down and bank balance carried down in the cash book

E
Q34

Which of the following is a Journal as well as account?

A

Sales day book

B

Cash book

C

General journal

D

Purchases journal

E
Q35

Which of the following columns of a three column cash book are memoranda?

I. Discount received

II. Discount allowed

III. Cash

IV. Bank

A

I and II only

B

I and III only

C

II and III only

D

III and IV only

E
Q36

The adjusted cash book balance is

A

D11,200

B

D8,400

C

D6,200

D

D5,600

E
Q37

The balance as per bank statement is

A

D10,900

B

D8,400

C

D5,600

D

D2,800

E
Q38

Which of the following is not contained in a journal?

A

Folio number of transaction

B

date of transaction

C

address of the customer

D

description of the transaction

E
Q39

Which of the following is not one of the uses of a journal proper? To record

A

small and repetitive cash disbursements

B

purchase and sale of fixed assets

C

writing off bad debts

D
E
Q40

Which of the following is found in the private ledger?

A

rent account

B

sales account

C

drawings account

D

bank account

E
Q41

A trial balance is a list of

A

current assets

B

current liabilities

C

debit and credit balances

D

debtors and creditors

E
Q42

A debit balance of ₦1,000 in a cash account means that

A

cash in hand is ₦1,000

B

cash has been overspent by ₦1,000

C

total cash paid out is ₦1,000

D

total of cash received was less by ₦1,000

E
Q43

The maximum level of cash held by a cashier under an imprest is a/an

A

vote

B

float

C

reimbursement

D

advance

E
Q44

Which of the following statements is correct? 

A

Profits increase capital

B

Losses reduce capital

C

Drawings reduce capital

D

Drawings increase capital

E
Q45

Books of accounts are opened by means of a

A

purchases journal

B

principal journal

C

sales journal

D

returns inward journal

E
Q46

When both debit and credit entries of a transaction are shown in the cash book, it is described as

A

contra entry

B

reversal entry

C

double entry

D

single entry

E
Q47

The correct order of liquidity is

A

stock, debtors, prepayments and cash

B

cash, prepayments, debtors and stock

C

stock, cash , debtor and prepayments

D

debtors, stock, cash and prepayments

E
Q48

The principle of double entry book-keeping states every

A

debit entry must have a corresponding credit entry

B

debtor must have a creditor

C

double debit entry must have a double credit entry

D

account debited should also be credited

E
Q49

Which of the following is not a source document?

A

credit note

B

invoice

C

debit note

D

bank note

E
Q50

Which of the following is both a subsidiary book and a ledger?

A

Sales journal

B

Purchases journal

C

Returns inward book

D

Cash book

E
Q51

Rent receivable account is an example of

A

nominal account

B

real account

C

personal account

D

private account

E
Q52

Pending of the location of an error, the difference disclosed in a trial balance is temporarily treated in

A

Suspense Account

B

Trading Account

C

Control Account

D

Profit and Loss Account

E
Q53

Which of the following items is not shown in the Trial Balance

A

Closing stock value

B

Opening stock balance

C

Opening debtors balance

D

Closing asset value

E
Q54

The excess of current assets over current liabilities is

A

working capital

B

preference capital

C

loan capital

D

founder's capital

E
Q55

An expense is said to be revenue in nature if it

A

addss or contributes to the operating income of the business

B

reduces the capital of the business

C

necessitates the introduction of additional capital

D

adds to or improves the value of fixed assets.

E
Q56

A statement that measures the performance of a business over a period of time is the

A

Balance sheet

B

Bank statements

C

Funds flow statement

D

Profit and loss account

E
Q57

Rent owing by a business is shown in the

A

Trading Account

B

Trial Balance

C

Balance Sheet

D

Cash Book

E
Q58

Which of the following source document is used for recording goods returned to suppliers?

A

Invoice

B

Waybill

C

Debit note

D

Credit note

E
Q59

Which of the following errors would affect the agreement of trial balance totals?

A

commission

B

omission

C

single entry

D

original entry

E
Q60

Which of the following items is not a source document?

A

Cheque stub

B

Cash receipt

C

Cash book

D

Sales invoice

E