Waec Accounts - Principles of Accounts Past Questions and Answers

Question 316:

• WAEC 1995

Which of the following does not relate to a manufacturing concern?

A. Balance sheet
B. Profit and loss account
C. Ledger account
D. Cash book
E. Income and expenditure

Question 317:

• WAEC 1995

Which of the following is not true of a trial balance?

A. List taken of the account balance in the general ledger
B. Proof of the arithmetical accuracy of the ledger postings
C. Summary of data for the preparation of financial statement
D. List of account abstracted from a subsidiary ledger to check their agreement with the related control account
E. List of balances ensuring that the accounts are correct

Question 318:

• WAEC 1995

The chief accounting officer of Nigeria is called the

A. Auditor general
B. Chief accountant
C. Treasurer
D. Accountant general
E. Minister of finance

Question 319:

• WAEC 1995

Expenses incurred but not yet paid is

A. Contigent liability
B. Current liability
C. Current asset
D. Fixed asset
E. Capiatal expenditure

Question 320:

• WAEC 1995

Which of the following does not lead to depreciation assets?

A. Wear and tear
B. Passage of time
C. Devaluation of Naira
D. Obsolescence
E. Usage