Waec Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 31:

• WAEC 2015

In the balance sheet of a social club, subscription owing is treated as a

A. Current liability
B. Current asset
C. Tangible asset
D. Long term liability

Question 32:

• WAEC 2015

The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is

A. Materiality
B. Accural
C. Going concern
D. Business Entity

Question 33:

• WAEC 2015

The accounting concept that assumes that a business will continue operating for an indefinite period is

A. Business entity
B. Going concern
C. Consistency
D. Duality

Question 34:

• WAEC 2015

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

A. Business entity
B. Going concern
C. Consistency
D. Duality

Question 35:

• WAEC 2015

Goodwill is recognized in partnership accounts when

A. The business makes a huge profit
B. The business has good customer relationship
C. A partner is dormant
D. A new partner is admitted