Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1171:

• WAEC 2013

When the going concern concept is no longer applicable, the fixed assets are recorded at their

A. Net book value
B. Realizable value
C. Gross value
D. Revalued amount

Question 1172:

• WAEC 2013

In a non-for-profit making organization, the cash book is referred to as

A. Income and expenditure acount
B. Receipts and payments account
C. Two column cashbook
D. Petty cash bok

Question 1173:

• WAEC 2013

Which of the following relates to the essence of partnership? To

A. Run a charity organization
B. Pursue a social objective
C. Form a business for profit
D. Run a religious objective

Question 1174:

• WAEC 2013

The basic assumption which underline the preparation of periodic financial statement is known as accounting

A. Bases
B. Techniques
C. Concepts
D. Method

Question 1175:

• WAEC 2013

Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is

A. Unsecured creditors
B. Partner's loan and advances
C. Secured creditors
D. Partners' capital