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Accounts - Principles of Accounts 2021 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
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1

The original record containing the details of a transaction which serves as a basis for posting is

  • A. general ledger
  • B. source document
  • C. subsidiary book
  • D. trial balance
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2

In the preparation of financial statements, full disclosure of minor events are ignored in line with

  • A. accrual concept
  • B. money measurement concept
  • C. business entity concept
  • D. materiality concept
View Answer & Discuss (1) WAEC 2021
3

A limitation of the money measurement concept is that

  • A. it results in inaccurate financial statements
  • B. financial statement is not easily understood
  • C. important non-monetary activities are not reported
  • D. the reports are not comparable to that of other businesses
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4

Where partners maintain a fluctuating capital account, partners' share of profit is credited to

  • A. capital account
  • B. profit and loss appropriate account
  • C. current account
  • D. profit and loss account
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5

The difference between the market value of goods produced and the cost of production is

  • A. net profit on goods sold
  • B. gross profit on manufacturing
  • C. closing stock of work-in-progress
  • D. prime cost of manufacturing
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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