WAEC Financial Accounting MCQs

WAEC Financial Accounting MCQs

12th Grade

34 Qs

quiz-placeholder

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WAEC Financial Accounting MCQs

WAEC Financial Accounting MCQs

Assessment

Quiz

Others

12th Grade

Hard

Created by

Olawoye Mayowa

Used 2+ times

FREE Resource

34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an asset?

Machinery

Cash

Inventory

Accounts payable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The term 'liability' refers to:

Resources owned by a business

Debts owed by a business

Investment in business

Total revenue generated

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The double-entry principle states that:

Each transaction affects two accounts equally

Each account has a single entry

Transactions are recorded once

Only cash transactions are recorded

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The trial balance helps in:

Calculating profits

Preparing budgets

Verifying ledger balances

Assessing inventory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts is a nominal account?

Cash

Debtors

Capital

Rent expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The book where cash transactions are initially recorded is called:

Journal

Ledger

Cash book

Balance sheet

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The term 'drawings' refers to:

Profit earned by the business

Owner's withdrawal from the business

Loss incurred by the business

Funds added by the owner

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