Waec Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 21:

• WAEC 2014

The accounting concept underlying the treatment of personal expenses of the business owner as drawing is

A. Periodicity
B. Accrual
C. Entity
D. Materiality

Question 22:

• WAEC 2014

The sum of direct cost in a manufacturing account is

A. Production cost
B. Prime cost
C. Total cost
D. Finance cost

Question 23:

• WAEC 2014

When an asset is sold, the entries for the accumulated depreciation are; debit

A. Assets disposal account; credit provision for depreciation account
B. Provision for depreciation account; credit asset disposal account
C. Fixed asset account; credit asset disposal account
D. Asset disposal account; credit fixed asset account

Question 24:

• WAEC 2014

A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?

A. D33,000
B. D28,000
C. D23,000
D. D5,000

Question 25:

• WAEC 2014

In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a

A. Surplus
B. Shortfall
C. Loss
D. Deficit