Waec Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 41:

• WAEC 2014

subscription in advance is classified in the balance sheet as

A. An asset
B. A liability
C. A deficit
D. A surplus

Question 42:

• WAEC 2014

Which of the following item is not treated in the profit and loss account?

A. Office expenses
B. Salaries and allowances
C. Carriage inwards
D. Discounts allowed

Question 43:

• WAEC 2014

The document prepared by a local/district government to present its annual estimates for a planning period is

A. A balance sheet
B. A budget
C. An income and expendiure account
D. A cash bppk

Question 44:

• WAEC 2014

A manufacturing account is drawn up by

A. Firms providing personal services
B. Firms engaged solely in buying and selling of goods
C. Firms which makes and sell articles
D. Non-trading organization

Question 45:

• WAEC 2014

Which of the following is not a factory overhead cost?

A. Manufacturing wages
B. Factory rent
C. Depreciation of machinery
D. Salary of factory guard