Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 41:

• WAEC 2016

Which of the following is a source of local government revenue?

A. Excise duties
B. Market dues
C. Import duties
D. Loans and grants

Question 42:

• WAEC 2016

The transfer of money from one sub-head to another in the public sector is

A. Budgeting
B. Allocation
C. Virement
D. Vote

Question 43:

• WAEC 2016

The total of the discounts received column in the three column cash book is?

A. Debited to discounts received account
B. Credited to discounts received account
C. Debited to discounts allowed account
D. Credited to discount allowed account

Question 44:

• WAEC 2016

Which of the following expenses is apportioned between departments based on sales?

A. Discount received
B. Electricity
C. Carriage inwards
D. Carriage outwards

Question 45:

• WAEC 2016

In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as

A. Bonus
B. Goodwill
C. Net profit
D. Premium