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Accounts - Principles of Accounts Past Questions

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1996
Which of the following statements is not true of a non-profit making organization?
  • A. income and expenditure account is prepared
  • B. income and expenditure account excludes accruals and prepayments
  • C. Income and expenditure account excludes capital receipts and capital payments
  • D. receipts and Payments account is a substitute for expenditure account
View Answer & Discuss WAEC 1991
1997
A business which converts raw materials to finished goods prepares
  • A. trading account and balance sheet
  • B. profit and loss account and balane sheet
  • C. balance sheet only
  • D. trading profit and loss account and balance sheet
  • E. manufacturing, trading, profit and loss account and balance sheet
View Answer & Discuss WAEC 1991
1998
Payment of salaries to partners is
  • A. a charge to profit and loss account
  • B. a charge to trading account
  • C. an appropriation of divisible profit
  • D. an appropriation of interest on capital
  • E. an appropriation of interest on current account
View Answer & Discuss WAEC 1991
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1999
Accounting term used to describe the excess of current assets over current liabilities is
  • A. shared capital
  • B. working capital
  • C. sucscribed capital
  • D. reserve capital
  • E. loan capital
View Answer & Discuss WAEC 1991
2000
A delivery van was bought on credit. The transaction would be entered by the customer first in the
  • A. purchases day book
  • B. sales day book
  • C. returns inwards book
  • D. returns outwards book
  • E. journal proper
View Answer & Discuss WAEC 1991
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