Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1081:

• WAEC 2011

The bank statement shows a debit balance of Le 475. After the entry of an uncredited of Le Le 800, the new balance is

A. Le 325 overdraft
B. Le 325
C. Le 1,275
D. Le 1,275 overdraft

Question 1082:

• WAEC 2011

The business entity concept

A. Seperates the owner's transactions from the business transactions
B. Records transactions outside the business
C. Does not seperate the owner's trasactions from the business transactions
D. Involves other business transactions

Question 1083:

• WAEC 2011

Which of the following is not used in Public accounting?

A. Cash book
B. Trial balance
C. Profit and loss account
D. Bank reconciliation statement

Question 1084:

• WAEC 2011

The concept which states that assets are not to be recorded at their current market value is

A. Money measuremen
B. Materiality
C. Cost
D. Entity

Question 1085:

• WAEC 2011

Provision for depreciation on delivery van is charged to

A. Trading account
B. Profit and loss account
C. Appropriation account
D. Manufacturing account