Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1216:

• WAEC 2014

The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is

A. Business entity
B. Materiality
C. Dual aspect
D. Realization

Question 1217:

• WAEC 2014

A company made a net profit of ₦2,000,000 for the year and its net profit percentage is 25%. What is the total sales for the year?

A. ₦8,000000
B. ₦6,00000
C. 800,000
D. ₦500,000

Question 1218:

• WAEC 2014

Which of the following information is recorded in the returns outwards book?

A. Goods purchased on credit and susequently returned to suppliers
B. Fixed asset bought on credit and subsequently returned to supplier
C. Cash payment received from a customer and subsequently returned to supplier
D. Goods sold to a customer and subsequently returned to the business

Question 1219:

• WAEC 2014

Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
Calculate the stock figure to be included in the balance sheet at the year end

A. D408,000
B. D346,000
C. D284,000
D. D62,000

Question 1220:

• WAEC 2014

Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
The concept applied in calculating the stock figure to be included in the balance sheet at the year end is

A. Matching
B. Consistency
C. Prudence
D. Entiti