Waec Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 31:

• WAEC 2005

Which of the following is not an accounting concept?

A. Periodicity
B. Accuracy
C. Consistency
D. Objectively

Question 32:

• WAEC 2005

"Transactions are governed by legal principles, but are nevertheless accounted for and presented in accordance with the substance and financial reality". This is in compliance with the principle of

A. Substance over form
B. Prudence
C. Objectively
D. Materiality

Question 33:

• WAEC 2005

Which of the following statements is no correct?

A. Profits increase capital
B. Losses reduce capital
C. Drawings reduce capital
D. Drawings increase capital

Question 34:

• WAEC 2005

Direct material + direct expenses is

A. Overhead
B. Prime cost
C. Total cost
D. Conversion cost

Question 35:

• WAEC 2005

Books of account are opening by means of a

A. Purchases journal
B. Principal journal
C. Sales journal
D. Returns inward journal