Waec Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 41:

• WAEC 2013

Which of the following relates to the essence of partnership? To

A. Run a charity organization
B. Pursue a social objective
C. Form a business for profit
D. Run a religious objective

Question 42:

• WAEC 2013

The basic assumption which underline the preparation of periodic financial statement is known as accounting

A. Bases
B. Techniques
C. Concepts
D. Method

Question 43:

• WAEC 2013

Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is

A. Unsecured creditors
B. Partner's loan and advances
C. Secured creditors
D. Partners' capital

Question 44:

• WAEC 2013

Which of the following is not part of prime cost of production?

A. Depreciation of factory equipment
B. Direct expenses
C. Direct wages
D. Carriage on raw materials

Question 45:

• WAEC 2013

At the end of trading period, cost of goods sold is debited to the trading account while cost of services is debited to the

A. Balance sheet
B. Manufacturing account
C. Tradding account
D. Profiy and loss account