Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 31:

• WAEC 2007

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is

A. ₦5,750
B. ₦5,350
C. ₦400
D. ₦115

Question 32:

• WAEC 2007

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is

A. ₦400(asset)
B. ₦150(asset)
C. ₦150(liability)
D. 400(liability)

Question 33:

• WAEC 2007

The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized by

A. Realization concept
B. Entity concept
C. Going cornvern concept
D. Dual aspect concept

Question 34:

• WAEC 2007

Which of the following is not an accounting convention?

A. Maternity
B. Consistency
C. Business entity
D. Periodicity

Question 35:

• WAEC 2007

In the absence of partnership agreement, profits and losses are shared

A. In the ratio of capitals
B. Equally
C. In the ratio of drawings
D. According to services rendered