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Accounts - Principles of Accounts 2021 WAEC Past Questions

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31

Members of a not-for-profit making organization

  • A. earn dividend on their contributions
  • B. do not receive surplus at the end of the year
  • C. are paid interest on their contributions
  • D. share profits according to their contributions
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32

Accounting information that is useful for the intended purpose and would make a difference in decision making is 

  • A. comparable
  • B. consistent
  • C. relevant
  • D. reliable
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33

Manufacturing account is prepared to determine the

  • A. cost of goods sold
  • B. cost of goods produced
  • C. profit on goods produced
  • D. value of work-in-progress
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34

The concept the enables a business to determine the actual profit or loss for a particular period is

  • A. accrual concept
  • B. business entity concept
  • C. consistency concept
  • D. going concern concept
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35

An amount set aside out of profit for a specific purpose is a

  • A. reserve
  • B. liability
  • C. provision
  • D. discount
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