Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1071:

• WAEC 2011

The concept which deals with the exclusion of trivial items in the accounting records is

A. Constitency
B. Going concern
C. Materiality
D. Money measurement

Question 1072:

• WAEC 2011

Which of the following is not an example of capital reserve?

A. Share premium
B. Retained profits
C. Surplus on revaluation of assets
D. Pre-incorporation profits

Question 1073:

• WAEC 2011

Goods sent to branch are recorded in the head office's books at i. selling price ii. cost price plus makeup percentage iii. cost price

A. I and ii
B. I and iii
C. Ii and iii
D. I, ii and iii

Question 1074:

• WAEC 2011

computer memory sizes are measured in

A. Kilometers
B. Kilowatts
C. Kilobytes
D. Centimetres

Question 1075:

• WAEC 2011

Rent owed by a department is treated in the Balance sheet as

A. Asset of the business
B. Asset of the department
C. Liability of the business
D. Liability of the department