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Accounts - Principles of Accounts Past Questions

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886

The document prepared by a local/district government to present its annual estimates for a planning period is

  • A. a balance sheet
  • B. a budget
  • C. an income and expendiure account
  • D. a cash bppk
View Answer & Discuss WAEC 2014
887

A manufacturing account is drawn up by

  • A. firms providing personal services
  • B. firms engaged solely in buying and selling of goods
  • C. firms which makes and sell articles
  • D. non-trading organization
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888

Which of the following is not a factory overhead cost? 

  • A. manufacturing wages
  • B. factory rent
  • C. depreciation of machinery
  • D. salary of factory guard
View Answer & Discuss (1) WAEC 2014
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889

A collection of fields relating to one logically definable unit of business information is known as

  • A. database
  • B. character
  • C. byte
  • D. record
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890

The principle of double entry bookkeeping states that

  • A. every debtor must have a creditor
  • B. every account debited must be immediately credited
  • C. for every debit entry, there must be a corresponding credit entry
  • D. for every double debit, there must be a double credit
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