Waec Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 16:

• WAEC 2021

Members of a not-for-profit making organization

A. Earn dividend on their contributions
B. Do not receive surplus at the end of the year
C. Are paid interest on their contributions
D. Share profits according to their contributions

Question 17:

• WAEC 2021

Accounting information that is useful for the intended purpose and would make a difference in decision making is

A. Comparable
B. Consistent
C. Relevant
D. Reliable

Question 18:

• WAEC 2021

Manufacturing account is prepared to determine the

A. Cost of goods sold
B. Cost of goods produced
C. Profit on goods produced
D. Value of work-in-progress

Question 19:

• WAEC 2021

The concept the enables a business to determine the actual profit or loss for a particular period is

A. Accrual concept
B. Business entity concept
C. Consistency concept
D. Going concern concept

Question 20:

• WAEC 2021

An amount set aside out of profit for a specific purpose is a

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