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Accounts - Principles of Accounts 2001 WAEC Past Questions

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1
The income accruing to debenture holders is called
  • A. dividend
  • B. net profit
  • C. shares
  • D. interest
View Answer & Discuss WAEC 2001
2
The amount by which assets exceed specific liabilities is called
  • A. reserve
  • B. provision
  • C. premium
  • D. bonus
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3
Which of the following has a debit balance at the end of the year?
  • A. rates prepaid account
  • B. bank loan account
  • C. income received in advance account
  • D. ordinary share capital account
View Answer & Discuss WAEC 2001
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4
Which of the following is not an example of a fictitious asset?
  • A. Raw materials stock
  • B. debit balance of profit and loss account
  • C. preliminary expenses f a limited company
  • D. expenditure on incorporation carried forward
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5
Prime cost consist of
  • A. direct material and direct labour cost
  • B. direct material, direct labour and direct expenses
  • C. direct material, direct labour, direct expenses overhead
  • D. direct material and direct expenses
View Answer & Discuss WAEC 2001
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts