Waec Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 1:

• WAEC 2017

An amount set aside to meet expenses whose value is not certain is a

A. Reserve
B. Liability
C. Provision
D. Prepayment

Question 2:

• WAEC 2017

A reserve is an amount

A. Set aside from profit for an unknown liability
B. Of loss from trading activities
C. Of profit from trading activities
D. Set aside from profit for a specific purpose

Question 3:

• WAEC 2017

Use the following information to answer the question below
Nzemaman Local Government incurred the following expenditure in the year 2015.
Construction of market stalls 120,000
Staff salaries------------------- 40,000
Purchase of stationery--------- - 9,000
Sinking of boreholes------------
Building of classrooms
Maintenance of vehicles
Purchase of equipment
Capital expenditure for the local government is

A. D 473,000
B. D438,000
C. D 422,000
D. D 410,000

Question 4:

• WAEC 2017

Use the following information to answer the question below
Nzemaman Local Government incurred the following expenditure in the year 2015.
Construction of market stalls 120,000
Staff salaries------------------- 40,000
Purchase of stationery--------- - 9,000
Sinking of boreholes------------
Building of classrooms
Maintenance of vehicles
Purchase of equipment
Recurrent expenditure for the year is

A. D 112,000
B. D 84,000
C. D 77, 000
D. D 49,000

Question 5:

• WAEC 2017

Which of the following is not a method of charging goods to the branch by its head office?

A. Net realizable value
B. Cost price
C. Cost-plus profit
D. Selling price