Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1021:

• WAEC 2010

The accounting principle that states that insignificant expenditures are not to be taken into account is the

A. Realization concept
B. Materiality convention
C. Marching concept
D. Consistency convention

Question 1022:

• WAEC 2010

The realization concept states that

A. Revenue is recognized as being earned when ownership of goods passes to the customer
B. Revenue and profit should not be anticipated
C. Similar way from one accounting period to another
D. Transaction must be expressed in monetary term

Question 1023:

• WAEC 2010

Where fixed capitals are maintained, partners' drawings are transferred to the

A. Credit of capital account
B. Debit of capital accounts
C. Credit of partners's current accounts
D. Debit of partners' currents account

Question 1024:

• WAEC 2010

The method that provides a reliable check upon cash and stock at the branch and discloses the gross profit in the account is

A. Cost plus percentage
B. Cost price
C. Average cost
D. Selling price

Question 1025:

• WAEC 2010

A partners whose liability goes beyond his capital is known as

A. Dormal partner
B. Limited partner
C. General partner
D. Nominal partner