Waec Accounts - Principles of Accounts Past Questions and Answers

Question 636:

• WAEC 2002

"Accountants do not count chickens before they are climbed". This is the concept of

A. Accrual
B. Materiality
C. Realisation
D. Going-concern

Question 637:

• WAEC 2002

Subscriptions in arrears is treated in the balance sheet of a club as

A. Current liability
B. Intangible assets
C. Fictitious asset
D. Current asset

Question 638:

• WAEC 2002

A suspense account is used to

A. Record sales
B. Agree the trial balance
C. Record purchases
D. Prepare the balance sheet

Question 639:

• WAEC 2003

An unfavourable balance of trade for a country means that her?

A. Exports exceed imports
B. Visible exports exceed invisible import
C. Invisible exports exceed visible exports
D. Imports and exports are equal

Question 640:

• WAEC 2003

An unfavourable balance of trade for a country means that her?

A. Exports exceed imports
B. Visible exports exceed invisible import
C. Invisible exports exceed visible exports
D. Imports and exports are equal