Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 46:

• WAEC 2021

The original record containing the details of a transaction which serves as a basis for posting is

A. General ledger
B. Source document
C. Subsidiary book
D. Trial balance

Question 47:

• WAEC 2021

In the preparation of financial statements, full disclosure of minor events are ignored in line with

A. Accrual concept
B. Money measurement concept
C. Business entity concept
D. Materiality concept

Question 48:

• WAEC 2021

A limitation of the money measurement concept is that

A. It results in inaccurate financial statements
B. Financial statement is not easily understood
C. Important non-monetary activities are not reported
D. The reports are not comparable to that of other businesses

Question 49:

• WAEC 2021

Where partners maintain a fluctuating capital account, partners' share of profit is credited to

A. Capital account
B. Profit and loss appropriate account
C. Current account
D. Profit and loss account

Question 50:

• WAEC 2021

The difference between the market value of goods produced and the cost of production is

A. Net profit on goods sold
B. Gross profit on manufacturing
C. Closing stock of work-in-progress
D. Prime cost of manufacturing