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Accounts - Principles of Accounts 2010 WAEC Past Questions

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26

The accounting principle that states that insignificant expenditures are not to be taken into account is the

  • A. realization concept
  • B. materiality convention
  • C. marching concept
  • D. consistency convention
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27

The realization concept states that

  • A. revenue is recognized as being earned when ownership of goods passes to the customer
  • B. revenue and profit should not be anticipated
  • C. similar way from one accounting period to another
  • D. transaction must be expressed in monetary term
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28

Where fixed capitals are maintained, partners' drawings are transferred to the

  • A. credit of capital account
  • B. debit of capital accounts
  • C. credit of partners's current accounts
  • D. debit of partners' currents account
View Answer & Discuss (1) WAEC 2010
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29

The method that provides a reliable check upon cash and stock at the branch and discloses the gross profit in the account is

  • A. cost plus percentage
  • B. cost price
  • C. average cost
  • D. selling price
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30

A partners whose liability goes beyond his capital is known as

  • A. dormal partner
  • B. limited partner
  • C. general partner
  • D. nominal partner
View Answer & Discuss WAEC 2010
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