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Accounts - Principles of Accounts Past Questions

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1076

Which of the following is a prime cost?

  • A. royalty
  • B. salary
  • C. commission
  • D. discounts allowed
View Answer & Discuss WAEC 2010
1077
Which of the following books of original entry is used to record all payments and receipt by cash or cheque?
  • A. sales day book
  • B. cash book
  • C. purchase day book
  • D. general journal
View Answer & Discuss WAEC 2009
1078
As a basis for assessing future usage, fixed assets are shown at
  • A. selling price
  • B. cost price
  • C. cost plus residual value
  • D. net book value
View Answer & Discuss WAEC 2009
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1079
In the absence of an agreement, partners share profits
  • A. based on activeness of a partner
  • B. based on capital contribution
  • C. on patronage basis
  • D. on equal basis
View Answer & Discuss WAEC 2009
1080
Subscription prepared by members is recorded in the balance sheet of a club as a
  • A. current liability
  • B. current asset
  • C. fixed asset
  • D. long term liability
View Answer & Discuss WAEC 2009
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