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Accounts - Principles of Accounts 2024 WAEC Past Questions

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1

A bank is interested in accounting information of a client for the purpose of  

  • A. evaluating the entity's share of the market. 
  • B. ascertaining the tax payable by the entity.
  • C. assessing the credit worthiness of the customer.
  • D. determining the dividend payable to shareholders. 
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2

An item recorded in the profit and loss account is 

  • A. creditors.
  • B. cash-in-hand.
  • C. debtors.
  • D. general expenses.  
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3

The concept which assumes that transactions should be expressed using a common denominator is 

  • A. historical cost concept.
  • B. money measurement concept.
  • C. materiality concept.
  • D. consistency concept. 
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4

Use the following information to answer the questions

The yearly depreciation charge using the straight line method is  
\(\frac{X-Y}{Z}\)  

The letter X in the formula represents 

  • A. cost of the asset.
  • B. accumulated depreciation.
  • C. estimated useful life of the asset.
  • D. rate of depreciation.
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5

Use the following information to answer the questions

The yearly depreciation charge using the straight line method is  
\(\frac{X-Y}{Z}\)  

The letter Z in the formula represents 

  • A. cost of the asset.
  • B. accumulated depreciation.
  • C. estimated useful life of the asset.
  • D. rate of depreciation.
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