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Accounts - Principles of Accounts 2005 WAEC Past Questions

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31
"Transactions are governed by legal principles, but are nevertheless accounted for and presented in accordance with the substance and financial reality". This is in compliance with the principle of
  • A. substance over form
  • B. prudence
  • C. objectively
  • D. materiality
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32
Which of the following statements is no correct?
  • A. profits increase capital
  • B. losses reduce capital
  • C. drawings reduce capital
  • D. drawings increase capital
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33
Direct material + direct expenses is
  • A. overhead
  • B. prime cost
  • C. total cost
  • D. conversion cost
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34
Books of account are opening by means of a
  • A. purchases journal
  • B. principal journal
  • C. sales journal
  • D. returns inward journal
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35
When both debit and credit entries of a transaction are shown in the cash book, it is described as
  • A. contra entry
  • B. reversal entry
  • C. double entry
  • D. single entry
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