Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1591:

• WAEC 2021

Net profit of a sole proprietor is transferred to the

A. Profit and loss account
B. Profit and loss appropriation account.
C. Capital account
D. Drawings account

Question 1592:

• WAEC 2021

The original record containing the details of a transaction which serves as a basis for posting is

A. General ledger
B. Source document
C. Subsidiary book
D. Trial balance

Question 1593:

• WAEC 2021

In the preparation of financial statements, full disclosure of minor events are ignored in line with

A. Accrual concept
B. Money measurement concept
C. Business entity concept
D. Materiality concept

Question 1594:

• WAEC 2021

A limitation of the money measurement concept is that

A. It results in inaccurate financial statements
B. Financial statement is not easily understood
C. Important non-monetary activities are not reported
D. The reports are not comparable to that of other businesses

Question 1595:

• WAEC 2021

Where partners maintain a fluctuating capital account, partners' share of profit is credited to

A. Capital account
B. Profit and loss appropriate account
C. Current account
D. Profit and loss account