Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1271:

• WAEC 2015

Goods stolen at the branch is debited to

A. Defalcations account
B. Branch stock account
C. Branch adjustment account
D. Branch debtors account

Question 1272:

• WAEC 2015

Which of the following is a source of revenue for a local government?

A. Personal income tax
B. Company registration fees
C. Royalties
D. Market tolls

Question 1273:

• WAEC 2015

The instrument used to release fund which the minister of finance has earlier withheld is

A. Reserve expenditure warrant
B. Supplementary general warrant
C. Provisional general warrant
D. Supplementary statutory warrant

Question 1274:

• WAEC 2015

Which of the following relates to cash basis of accounting?

A. Accruals and prepayments are considered
B. Debtors and creditors are recorded
C. Fixed assets are written off in the year of purchase
D. Profits are maximized

Question 1275:

• WAEC 2015

Which of the following is found on the credit side of a partnership's appropriation of profit account?

A. Interest on capital
B. Interest on drawings
C. Share of profit
D. Drawings