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Accounts - Principles of Accounts 2013 WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
16
The accumulative fund of a non-for-profit making organization is
  • A. consistency concept
  • B. realization concept
  • C. going concern concept
  • D. business entity concept
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17
A business is treated as being separated from owners. This statement is emphasized by
  • A. consistency concept
  • B. realization concept
  • C. going concern concept
  • D. business entity concept
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18
Which of the following is recorded on the debit side of the Trial Balance?
  • A. bank overdrafted
  • B. returns outwards
  • C. purchases
  • D. capital
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19

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Purchases for the year is

  • A. D32,880
  • B. D32,780
  • C. D32,460
  • D. D31,960
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20

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Sales for the year is

  • A. D42,795
  • B. D41,865
  • C. D41,580
  • D. D39,720
View Answer & Discuss (1) WAEC 2013
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