Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1486:

• WAEC 2019

ln a not-for-profit organization, the accumulated fund is

A. Current assets plus fixed assets less total liabilities
B. Long-term liabilities plus current liabilities
C. Fixed assets plus current assets plus long-term liabilities
D. Fixed assets less long-term liabilities less current liabilities

Question 1487:

• WAEC 2019

(a) Give reasons for including outstanding liabilities in the Balance Sheet
(b) How do you record an income generating activity of a bar in a not-for-profit-making organization:

Question 1488:

• WAEC 2019

(a) what are the sources of revenue to a federal government
(b) What are the advantages of cash basis in public sector accounting
(c) Mention five reasons for public sector accounting

Question 1489:

• WAEC 2019

(a) What is a Ledger
(b) List out the uses of an invoice to the seller and the buyer
(c) Advantages of dividing the ledger into different classes

Question 1490:

• WAEC 2019

What are the Limitations of ratio analysis