Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1596:

• WAEC 2021

The difference between the market value of goods produced and the cost of production is

A. Net profit on goods sold
B. Gross profit on manufacturing
C. Closing stock of work-in-progress
D. Prime cost of manufacturing

Question 1597:

• WAEC 2021

(a) What is Accounting concept? (b) Explain the following accounting concepts: (i) Business Entity Concept (ii) Accrual Concept (iii) Going Concern Concept (iv) Consistency Concept(v) Periodicity Concept (vi) Historical Cost Concept

Question 1598:

• WAEC 2021

(a) Explain the Operation of Petty Cash Book using imprest system.
(b) Outline two disadvantages of the imprest system of bookkeeping in petty cash book.
(c) State five uses of petty cash voucher.

Question 1599:

• WAEC 2021

(a) Explain the following terms as used in account of not-for-profit making organization. (i)entrance fees (ii) subscription
(b) State five features of income and expenditure account.

Question 1600:

• WAEC 2021

(a) What is a Bank Reconciliation Statement? (b) Explain the following terms: (i) Bank Charges (ii) Standing order (iii) Credit Transfer (iv) Dishonoured Cheque (v) Unpresented cheque (vi) Uncredited cheque