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Accounts - Principles of Accounts 2018 WAEC Past Questions

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21

Which of the following activities will increase profits?

  • A. depreciation charges
  • B. reduction in provision for doubtful debts
  • C. undervalued closing stock
  • D. returns inwards
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22

The concept that implies that a business will operate for an indefinitely long period of time is...............

  • A. going concern concept
  • B. accrual concept
  • C. business entity concept
  • D. periodicity concept
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23

The consistency concept aims at?

  • A. ensuring that all expenses are matched against revenue
  • B. reducing cost
  • C. comparability of accounting records
  • D. suppressing profits to be declared
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24

The concept which states that revenue is recognized when goods are sold is

  • A. realization concept
  • A. going concern concept
  • B. matching concept
  • C. periodically concept
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25

Cost of goods sold is calculated as...................

  • A. opening stock+ purchase - closing
  • B. opening stock + sales - closing stock
  • C. opening stock + purchase + closing stock
  • D. opening stock + sales + closing stock
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