WAEC SSCE - Financial Accounting - 2013 (Objective)

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Sales for the year is

A set of instrument or programs which controls the operation of a computer is

The public account committee is an organ of

Which of the following accounts has credit balance?

A trading account is prepared to disclose the

The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the

Excess of current assets over current liabilities is

Stock account is a type of

When the going concern concept is no longer applicable, the fixed assets are recorded at their

When a business is purchased from a sole trader, the excess of the purchase price over the net assets is

Which of the following relates to the essence of partnership? To

Which of the following is not an item on the credit side of the purchases ledger control account?

a low current ratio in business indicates that the business is

The basic assumption which underline the preparation of periodic financial statement is known as accounting

a statement showing a trader's financial position as at a particular date is an

The process of detecting, tracing and eliminating errors in a computer program is

Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is

Which of following is a recurrent expenditure in public sector accounting?

Which of the following is not part of prime cost of production?

The minimum number of persons required to form a partnership business is

the process of detecting, tracing and eliminating errors in a computer program is

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Purchases for the year is

In a non-for-profit making organization, the cash book is referred to as

Agreement between partners is contained in the partnership

In departmental accounts, administrative expenses are recorded in the