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Accounts - Principles of Accounts Past Questions

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2996

The current assets less current liabilities is

  • A. working capital
  • B. capital employed
  • C. fluctuating capital
  • D. fixed capital
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2997

A debit balance of N420 on the purchase ledger control account means that as at that date............

  • A. trade creditors have been paid by N420
  • B. trade creditors are owed N420
  • C. goods returned to trade creditors amounted to N420
  • D. total supplies from trade creditors amounted to N420
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2998

Sales and purchases ledger are used in a business to keep records of?

  • A. the owner's capital and cash transactions
  • B. accounts of individual customers and suppliers
  • C. current assets and fixed assets
  • D. current liabilities and long term liabilities
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2999

Which of the following activities will increase profits?

  • A. depreciation charges
  • B. reduction in provision for doubtful debts
  • C. undervalued closing stock
  • D. returns inwards
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3000

The concept that implies that a business will operate for an indefinitely long period of time is...............

  • A. going concern concept
  • B. accrual concept
  • C. business entity concept
  • D. periodicity concept
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709