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Accounts - Principles of Accounts 2022 WAEC Past Questions

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21

Provision for doubtful debts is made in conformity with

  • A. business entity concept
  • B. money measurement concept
  • C. prudence concept
  • D. materiality concept
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22

The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is

  • A. dual aspect concept
  • B. realization concept
  • C. materiality concept
  • D. business entity concept
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23

Manufacturing account is prepared to ascertain

  • A. profit on goods produced
  • B. cost of goods produced
  • C. cost of goods sold
  • D. profit on goods sold
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24

Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of

  • A. bank charges
  • B. direct debit
  • C. standing order
  • D. credit transfer
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25

Drawings made by a partner would be

  • A. credited to current account
  • B. credited to appropriation account
  • C. debited to appropriation account
  • D. debited to current account
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