WEST AFRICA SCHOOL CERTIFICATE EXAMINATIONS 2015 FINANCIAL ACCOUNTING Paper 1 Objective Test
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. Timeliness C. Accuracy D. Completeness 3. Which of the following is the equation for determining net profit or loss from the records of a firm? A. Closing capital- Drawings-Capital introduced B. Opening capital+ Drawings – Closing capital C. Closing capital + Opening capital – Drawings D. Closing Capital + Drawings – Opening Capital 4. Purchase invoice is first entered in the A. Purchases account B. Cash book C. Sales journal D. Purchase journal 5. Assets acquired is recorded by debiting A. Asset Account, crediting Cash Account B. Cash Account, crediting Asset Account C. Purchase of business Account, crediting Sale of Business Account D. Asset Account, crediting Purchase of Business Account 6. Goods returned to a supplier is A. Debited to Returns outwards account B. Credited to Returns outwards account C. Debited to Returns inwards account D. Credited to Returns inwards account ................... CLICK HERE TO CONTINUE
WASCE 2015 FINANCIAL ACCOUNTING OBJECTIVE TEST ANSWERS 1. B 2. A 3. D 4. D 5. A 6. B .....CLICK HERE TO CONTINUE.