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WAEC Accounts (Principles of Accounts) questions: Nature and purpose of accounting

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 1· Nature and purpose of accounting· WAEC

    Which of these is an external user of accounting information?

    Explanation and discussion

  2. Question 2· Nature and purpose of accounting· WAEC

    The person who checks the accounts of a company and reports whether they show a true and fair view is the

    Explanation and discussion

  3. Question 3· Nature and purpose of accounting· WAEC

    Book-keeping is the

    Explanation and discussion

  4. Question 4· Nature and purpose of accounting· WAEC

    The main purpose of accounting is to

    Explanation and discussion

  5. Question 5· Nature and purpose of accounting· WAEC

    The branch of accounting that provides information to managers for planning and control is

    Explanation and discussion

  6. Question 6· Nature and purpose of accounting· WAEC

    Government uses business accounts mainly to

    Explanation and discussion

  7. Question 7· Nature and purpose of accounting· WAEC

    An auditor's main duty is to

    Explanation and discussion

  8. Question 8· Nature and purpose of accounting· WAEC

    Bookkeeping differs from accounting in that bookkeeping is mainly

    Explanation and discussion

  9. Question 9· Nature and purpose of accounting· WAEC

    Recording transactions in books of original entry is part of

    Explanation and discussion

  10. Question 10· Nature and purpose of accounting· WAEC

    Which of these users of accounting information is an internal user?

    Explanation and discussion

  11. Question 11· Nature and purpose of accounting· WAEC

    The accounting equation is

    Explanation and discussion

  12. Question 12· Nature and purpose of accounting· WAEC

    A business has assets of ₦850,000 and liabilities of ₦230,000. What is its capital?

    Explanation and discussion

  13. Question 13· Nature and purpose of accounting· WAEC

    Which body regulates financial reporting standards in Nigeria?

    Explanation and discussion

  14. Question 14· Nature and purpose of accounting· WAEC

    Which of these users of accounts is interested mainly in whether a business can repay its loans?

    Explanation and discussion

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