Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1101:

• WAEC 2012

The name given to a budget in public service accounting is

A. Vote
B. Subvention
C. General order
D. Estimate

Question 1102:

• WAEC 2012

Which of the following is not prepared by a partnership?

A. Trading account
B. Profit and loss account
C. Income and expenditure account
D. Profit and loss appropriation account

Question 1103:

• WAEC 2012

A partner who only make capital contribution but does not take part in the management of the partnership business is a/an

A. Ordinary partner
B. Limited partner
C. Dormant partner
D. Nominal partner

Question 1104:

• WAEC 2012

which of the following is a component of prime cost?

A. Depreciation
B. Royalty
C. Factory rent
D. Factory electricity

Question 1105:

• WAEC 2012

The concept which establishes the rule for the periodic recognition of revenue as soon as it is capable of objective measurement is

A. Going concern
B. Entity
C. Consistency
D. Realization