Waec Accounts - Principles of Accounts Questions
Question 121:
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
- A Cosolidated fund
- B Recurrent fund
- C Accumulated fund
- D Working capital
- E General reserve
Question 122:
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
Question 123:
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
Question 124:
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
Question 125:
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