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Accounts - Principles of Accounts 2024 WAEC Past Questions

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11

According lo the entity concept, ownership is 

  • A. vested or the board of directors.
  • B. vested on the management.
  • C. separated from the business.
  • D. not separated from the business
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12

An item recorded in the trial balance is 

  • A. opening stock.
  • B. closing stock.
  • C. accrued expenses.
  • D. depreciation charged for the year.
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13

The class of shares which are available only to the promoters of a company are 

  • A. ordinary shares.
  • B. cumulative preference shares.
  • C. non-cumulative preference shares
  • D. deferred shares.
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14

Expense incurred but not yet paid is 

  • A. long-term liability
  • B. current liability.  
  • C. current asset.
  • D. capital expenditure.
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15

Work-in-progress is an item in 

  • A. income and expenditure account.
  • B. receipts and payments account.
  • C. appropriation account.
  • D. manufacturing account.
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