Waec Accounts - Principles of Accounts Past Questions and Answers

Question 731:

• WAEC 2004

Which of the following is the basis of accounting in public service?

A. Profit
B. Accrual
C. Expenditure
D. Cash

Question 732:

• WAEC 2004

The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is

A. Subvention
B. Budgett
C. Deposit
D. Estimates

Question 733:

• WAEC 2004

A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit?

A. N360,000
B. N200,000
C. N160,000
D. N40,000

Question 734:

• WAEC 2004

Rent prepaid as at 1st January, 2002 was N15,000. How much was paid for rent in 2007?

A. N80,000
B. N75,000
C. N55,000
D. N35,000

Question 735:

• WAEC 2004

Which of the following is not correct?
\(\begin{array}{c|c} Assets & Liabilities & Capital\\ N & N & N \\ \hline \text{A. 95,550} 11,500 & 82,000 \\ \text{B. 82,000} & 28,000 & 54,000\\ \text{C. 78,500} & 12,500 & 66,000\\ \text{D. 65,400} & 11,200 & 54,200\end{array}\)

A. A
B. B
C. C
D. D