Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1506:

• WAEC 2020

The excess of net assets acquired over purchase consideration is

A. Capital reserve
B. Goodwill.
C. Purchase price
D. Discount

Question 1507:

• WAEC 2020

The document which contains the internal regulations of a limited liability company is the

A. Certificate of Incorporation
B. Prospectus
C. Article of Association
D. Memorandum of Association

Question 1508:

• WAEC 2020

A method of charging depreciation at a fixed percentage of the net book value is

A. Straight line method
B. Reducing balance method
C. Sum of the years' digits method
D. Revaluation method

Question 1509:

• WAEC 2020

The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is


A. Periodicity concept
B. Consistency concept
C. Going concern concept
D. Historical cost concept

Question 1510:

• WAEC 2020

A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side. Pending further investigation, the difference would be

A. Credited to suspense account
B. Debited to suspense account
C. Credited to Profit and Loss Account
D. Debited to Profit and Loss Account