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Accounts - Principles of Accounts 2022 WAEC Past Questions

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31

In the balance sheet of not-for-profit making organizations, subscription in arrears is shown under

  • A. long-term liabilites
  • B. current assets
  • C. current liabilities
  • D. fixed assets
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32

The authority to incur expenditure to address natural disaster is contained in

  • A. contingency warrant
  • B. supplementary general warrant
  • C. reserved expenditure warrant
  • D. virement warrant
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33

Books of accounts are opened by the use of

  • A. balance sheet
  • B. general ledger
  • C. general journal
  • D. trial balance
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34

The principal book of account where accounts are classified and summarized is

  • A. balance sheet
  • B. ledger
  • C. trial balance
  • D. journal
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35

Use the following information to answer questions below

  Le
Raw materials:  
Stock (01/01/2017) 822000
Stock (31/12/2017) 560000
Purchases 125000
Returns of raw materials 15000


 



The cost of raw materials available for production is

  • A. Le 372,000
  • B. Le 932,000
  • C. Le 947,000
  • D. Le 402,000
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