FINANCIAL ACC 101

QUESTIONS ON PREVIOUSLY TREATED TOPICS

Hey Everyone, Happy New Week. Today is a beautiful day and God is indeed Good... How are you today, hope your week is going perfectly well. Am so glad to know that God's Faithfulness is evident in your life, to God alone be all the Glory. Amen.

So Let's get start to the Point...

QUESTIONS:

1. Which of the Following is Found in a Sales Ledger Account?

a- Credit Purchases

b- Bill Payable

c- Discount Received

d- Discount Allowed (WAEC 2009, NO 38).

2. 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 (WAEC 2009, NO 15).

3. Which of the Following Books of Original Entry is used to Record of all Payments and Receipts by Cash or Cheque?

a- Sales Day Book

b- Cash Book

c- Purchases Day Book

d- General Journal (WAEC 2009, NO 01).

4. A Ledger is a?

a- Principal Book of Accounts

b- Book of Original Entry

c- Record of Credit Transactions

d- Summary of Entries (WAEC 2010, NO 04).

5. Which of the Following is not a Petty Cash Book Item- Purchases of ?

a- Stationeries

b- Postage Stamps

c- Cutlass for Gardeners

d- Machinery (WAEC 2000, NO 27).

6. The Chief Accounting Officer of the Federation is?

a- Minister of Finance

b- Auditor General

c- Accountant General

d- Chief Accountant (WAEC 2001, NO 47).

7. Which of the Following serves as the Main Government Fund used to service all operations of the Government?

a- General Fund

b- Consolidated Revenue Fund

c- Consolidated Reserve Fund

d- Special Fund (WAEC 2001, NO 49).

8. The Accounting Equation is?

a- Capital - Current Assets = Liabilities

b- Assets - Liabilities = Capital

c- Fixed Assets + Current Liabilities = Capital

d- Capital + Assets = Liabilities (WAEC 2002, NO 01).

9. A Fixed Amount of Money set aside for Petty  Expenses is?

a- Imprest

b- Float

c- Receipt

d- Fund (WAEC 2002, NO 02).

10. Which of the Following belongs to the Sales Ledger?

a- Motor Van Disposal Account

b- Bank Account

c- Debtors Account

d- Rent and Rates Account (WAEC 2002, NO 50).

NOTE: ALL THE QUESTIONS IN THIS POST ARE CREDITED TO WEST AFRICA EXAM COUNCIL 2000, 2001, 2002, 2009, & 2010 PAPERS. THANKS

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and of your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.