Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1156:

• WAEC 2013

Which of the following accounts has credit balance?

A. Return inwards account
B. Machinery account
C. Sales account
D. Cash account

Question 1157:

• WAEC 2013

The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the

A. Materiality conccept
B. Matching concept
C. Constitiency concept
D. Realization concept

Question 1158:

• WAEC 2013

Agreement between partners is contained in the partnership

A. Act
B. Deeds
C. Accord
D. Deal

Question 1159:

• WAEC 2013

a low current ratio in business indicates that the business is

A. Long term loan repayment problem
B. Efficient in the utilization of its resources
C. Unable to pay its bills on time
D. Growing its net assets effectively

Question 1160:

• WAEC 2013

Which of following is a recurrent expenditure in public sector accounting?

A. Purchase of vehicles
B. Purchase of drugs
C. Construction of bore holes
D. Construction of buildings