WAEC Accounts (Principles of Accounts) questions

297 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 1· Accounting concepts and conventions· WAEC
A firm that changes its stock valuation method every year breaks the
Explanation and discussion
Question 2· Accounting concepts and conventions· WAEC
The assumption that a business will continue operating in the foreseeable future is the
Explanation and discussion
Question 3· Accounting concepts and conventions· WAEC
Recording a stapler as an expense rather than an asset applies the concept of
Explanation and discussion
Question 4· Accounting concepts and conventions· WAEC
The concept that a business is assumed to continue operating in the foreseeable future is
Explanation and discussion
Question 5· Accounting concepts and conventions· WAEC
The prudence (conservatism) concept requires that
Explanation and discussion
Question 6· Accounting concepts and conventions· WAEC
The concept that every transaction has two effects is the
Explanation and discussion
Question 7· Accounting concepts and conventions· WAEC
The concept that assumes a business will continue operating for the foreseeable future is
Explanation and discussion
Question 8· Accounting concepts and conventions· WAEC
The matching (accruals) concept requires that
Explanation and discussion
Question 9· Accounting concepts and conventions· WAEC
The concept that every transaction has two equal and opposite effects is the
Explanation and discussion
Question 10· Accounting concepts and conventions· WAEC
Using the same depreciation method from year to year follows the
Explanation and discussion
Question 11· Accounting concepts and conventions· WAEC
Recording assets at the price paid for them follows the
Explanation and discussion
Question 12· Accounting concepts and conventions· WAEC
Revenue is recognised when goods are delivered to the customer, not when cash is received. This is the
Explanation and discussion
Question 13· Accounting concepts and conventions· WAEC
Changing depreciation methods every year would break the
Explanation and discussion
Question 14· Accounting concepts and conventions· WAEC
Recording a building at what it cost rather than its current market value follows the
Explanation and discussion
Question 15· Accounting concepts and conventions· WAEC
The concept that treats a business as separate from its owner is the
Explanation and discussion
Question 16· Accounting concepts and conventions· WAEC
The owner's personal expenses are not recorded as business expenses because of the
Explanation and discussion
Question 17· Accounting concepts and conventions· WAEC
Providing for doubtful debts follows the
Explanation and discussion
Question 18· Accounts of not-for-profit organisations· WAEC
Life membership fees are usually
Explanation and discussion
Question 19· Accounts of not-for-profit organisations· WAEC
Subscriptions owing by members at the end of the year are treated as
Explanation and discussion
Question 20· Accounts of not-for-profit organisations· WAEC
Profit from a club's bar is usually shown in the income and expenditure account as
Explanation and discussion

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WAEC Accounts (Principles of Accounts) questions

A firm that changes its stock valuation method every year breaks the

The assumption that a business will continue operating in the foreseeable future is the

Recording a stapler as an expense rather than an asset applies the concept of

The concept that a business is assumed to continue operating in the foreseeable future is

The prudence (conservatism) concept requires that

The concept that every transaction has two effects is the

The concept that assumes a business will continue operating for the foreseeable future is

The matching (accruals) concept requires that

The concept that every transaction has two equal and opposite effects is the

Using the same depreciation method from year to year follows the

Recording assets at the price paid for them follows the

Revenue is recognised when goods are delivered to the customer, not when cash is received. This is the

Changing depreciation methods every year would break the

Recording a building at what it cost rather than its current market value follows the

The concept that treats a business as separate from its owner is the

The owner's personal expenses are not recorded as business expenses because of the

Providing for doubtful debts follows the

Life membership fees are usually

Subscriptions owing by members at the end of the year are treated as

Profit from a club's bar is usually shown in the income and expenditure account as