Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1146:

• WAEC 2013

The double entry principle states that

A. Every debit entry must have a corresponding credit entry
B. Every credit entry must have a corresponding double entry
C. Every debit must must have a corresponding double entry
D. Every assets must have a corresponding liability

Question 1147:

• WAEC 2013

Which of the following is a nominal account?

A. Machinery account
B. Drawings account
C. Debtors account
D. Wages account

Question 1148:

• WAEC 2013

Reserves account is kept in the

A. Private ledger
B. Creditors ledger
C. Nominal ledger
D. Debtors ledger

Question 1149:

• WAEC 2013

The accumulative fund of a non-for-profit making organization is

A. Consistency concept
B. Realization concept
C. Going concern concept
D. Business entity concept

Question 1150:

• WAEC 2013

A business is treated as being separated from owners. This statement is emphasized by

A. Consistency concept
B. Realization concept
C. Going concern concept
D. Business entity concept