Waec Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 21:

• WAEC 2003

Which of the following is a limitation of the money measurement concept?

A. Efficient management is not disclosed
B. There is no basis for comparison
C. Inter-period comparison is impossible
D. It does not allow choice of methods

Question 22:

• WAEC 2003

The account that shows both the cash and bank transactions of an enterprise is

A. Appropriation account
B. Trading account
C. Profit and loss account
D. Cash book

Question 23:

• WAEC 2003

A control account is

A. An imprest system
B. A statement of affairs
C. A bank reconciliation statement
D. A self balancing ledger system

Question 24:

• WAEC 2003

In a not-for-profit making organization, the cash book is summarized in the form of

A. Balance sheet
B. Income and expenditure account
C. Receipts and expenditure account
D. Receipts and pryments account

Question 25:

• WAEC 2003

Which of the following is found in a receipts and payments account?

A. Accruals
B. Prepayments
C. Sepreciation of fixed assets
D. Purchase of fixed assets