Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1256:

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.
Net profit for the year is

A. D12,260
B. D3,740
C. D2,440
D. D2,040

Question 1257:

• WAEC 2015

In the balance sheet of a social club, subscription owing is treated as a

A. Current liability
B. Current asset
C. Tangible asset
D. Long term liability

Question 1258:

• WAEC 2015

The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is

A. Materiality
B. Accural
C. Going concern
D. Business Entity

Question 1259:

• WAEC 2015

The accounting concept that assumes that a business will continue operating for an indefinite period is

A. Business entity
B. Going concern
C. Consistency
D. Duality

Question 1260:

• WAEC 2015

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

A. Business entity
B. Going concern
C. Consistency
D. Duality