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Accounts - Principles of Accounts 2023 WAEC Past Questions

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26

The accounts maintained in the nominal ledger are

  • A. liabilites and capital
  • B. assets and liabilites
  • C. income and capital
  • D. expenses and income
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27

Beauty started business with ₦40,000, made a profit of ₦50,000 and ended the year with ₦70,000 capital. What would have accounted for the closing capital?

  • A. Drawings of ₦20,000 was made
  • B. The opening capital of ₦40,000 was invested
  • C. Beauty was paid a salary of ₦90,000
  • D. Cash shortage of ₦30,000 was recorded
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28

A partnership is formed by

  • A. two or more individuals
  • B. only one person
  • C. two individuals only
  • D. two or more companies
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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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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
29

The purchase day book is used to record

  • A. purchases returns
  • B. cash purchase
  • C. total purchases
  • D. credit purchase
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30

A business should not lay claim to any profit before it is earned. This is in accordance with the

  • A. going concern concept
  • B. prudence concept
  • C. dual aspect concept
  • D. consistency concept
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group