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Accounts - Principles of Accounts 2007 WAEC Past Questions

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31
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is
  • A. ₦400(asset)
  • B. ₦150(asset)
  • C. ₦150(liability)
  • D. 400(liability)
View Answer & Discuss WAEC 2007
32
The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized by
  • A. realization concept
  • B. entity concept
  • C. going cornvern concept
  • D. dual aspect concept
View Answer & Discuss WAEC 2007
33
Which of the following is not an accounting convention?
  • A. maternity
  • B. consistency
  • C. business entity
  • D. periodicity
View Answer & Discuss (2) WAEC 2007
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34
In the absence of partnership agreement, profits and losses are shared
  • A. in the ratio of capitals
  • B. equally
  • C. in the ratio of drawings
  • D. according to services rendered
View Answer & Discuss WAEC 2007
35

Which of the following formulae is used to calculate stock turnover rate?

  • A. \(\frac{sales}{\text{average stock}}\)
  • B. \(\frac{\text{cost of sales}}{\text{average stock}}\)
  • C. \(\frac{\text{cost of sales}}{\text{opening stock}}\)
  • D. \(\frac{\text{cost of production}}{\text{average stock}}\)
View Answer & Discuss (1) WAEC 2007
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