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Accounts - Principles of Accounts 2014 WAEC Past Questions

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16

Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account

  • A. i, ii and iii only
  • B. i, iii and iv only
  • C. ii, iii and iv only
  • D. iii and iv only
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17

Net profit in a business is

  • A. the amount of money taken out of the business by the owner
  • B. the cash in the business bank account
  • C. the difference between sales and cost of sales
  • D. sales revenue less cost of sales expenses
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18

which of the following is not an administrative expenses in a manufacturing organization?

  • A. discounts allowed
  • B. office electricity
  • C. stationery
  • D. insurance
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19

Which of the following items is not contained in the Receipts and Payments Account?

  • A. Subscription paid in advance
  • B. stock paid for in advance
  • C. outstanding wages and salaries
  • D. donations
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20

The accounting concept underlying the treatment of personal expenses of the business owner as drawing is

  • A. periodicity
  • B. accrual
  • C. entity
  • D. materiality
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