Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 11:

• WAEC 2020

A method of charging depreciation at a fixed percentage of the net book value is

A. Straight line method
B. Reducing balance method
C. Sum of the years' digits method
D. Revaluation method

Question 12:

• WAEC 2020

The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is


A. Periodicity concept
B. Consistency concept
C. Going concern concept
D. Historical cost concept

Question 13:

• WAEC 2020

A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side. Pending further investigation, the difference would be

A. Credited to suspense account
B. Debited to suspense account
C. Credited to Profit and Loss Account
D. Debited to Profit and Loss Account

Question 14:

• WAEC 2020

The accounting equation of a business shows the


A. Current assets and current liabilities only
B. Difference between current assets and liabilities
C. Assets and the sources of financing them
D. Owner's interest in the business only

Question 15:

• WAEC 2020

The internal users of accounting information are the

A. Creditors
B. Employees
C. Investors
D. Customers