Waec Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 16:

• WAEC 2012

The name given to a budget in public service accounting is

A. Vote
B. Subvention
C. General order
D. Estimate

Question 17:

• WAEC 2012

Which of the following is not prepared by a partnership?

A. Trading account
B. Profit and loss account
C. Income and expenditure account
D. Profit and loss appropriation account

Question 18:

• WAEC 2012

A partner who only make capital contribution but does not take part in the management of the partnership business is a/an

A. Ordinary partner
B. Limited partner
C. Dormant partner
D. Nominal partner

Question 19:

• WAEC 2012

which of the following is a component of prime cost?

A. Depreciation
B. Royalty
C. Factory rent
D. Factory electricity

Question 20:

• WAEC 2012

The concept which establishes the rule for the periodic recognition of revenue as soon as it is capable of objective measurement is

A. Going concern
B. Entity
C. Consistency
D. Realization