Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1576:

• WAEC 2021

The major source of revenue for central/federal government is

A. Tenement rate
B. Excise duty
C. Market toll
D. Parking roll

Question 1577:

• WAEC 2021

The type of stock recorded in the trading account of a manufacturing business is

A. Raw material
B. Work-in progress
C. Consumables
D. Finished goods

Question 1578:

• WAEC 2021

Accounts of fixed assets are kept in the

A. Purchases ledger
B. Private ledger
C. Sales ledger
D. General ledger

Question 1579:

• WAEC 2021

Recurrent expenditure of a local government include

A. Erection of market stalls
B. Repayment of loans
C. Purchase of office equipment
D. Purchase of office stationery

Question 1580:

• WAEC 2021

The accounting principle of double entry states that

A. Debit the giver and credit the receiver
B. Assets must be equal to capital plus liabilities
C. Every debit entry must have a corresponding credit entry
D. Debit entries increase liabilities while credit entries increase assets