Waec Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 46:

• WAEC 2002

"Accountants do not count chickens before they are climbed". This is the concept of

A. Accrual
B. Materiality
C. Realisation
D. Going-concern

Question 47:

• WAEC 2002

Subscriptions in arrears is treated in the balance sheet of a club as

A. Current liability
B. Intangible assets
C. Fictitious asset
D. Current asset

Question 48:

• WAEC 2002

A suspense account is used to

A. Record sales
B. Agree the trial balance
C. Record purchases
D. Prepare the balance sheet