WAEC SSCE - Financial Accounting - 2014 (Objective)

The accounting concept underlying the treatment of personal expenses of the business owner as drawing is

Net profit in a business is

Net turnover is referred to as

A manufacturing account is drawn up by

The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is

subscription in advance is classified in the balance sheet as

Which of the following is entered in the general journal?

Shares issued below nominal value are referred to as shares at

Which of the following subsidiary books involves cash movements?

A collection of fields relating to one logically definable unit of business information is known as

When the purchase consideration exceeds the value of business, the difference is

Which of the following is used to record the disposal of a fixed asset?

An example of a credit entry in a profit and loss account is

Which of the following transactions will result in disagreement between the cash book and the bank statements?

The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is

The accounting treatment for a dishonored cheque is; debit

In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a

The document prepared by a local/district government to present its annual estimates for a planning period is

Which of the following items is not contained in the Receipts and Payments Account?

In the operation of an imprest of petty cash, the

An error of principle is made, if

The sum of direct cost in a manufacturing account is

Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account

which of the following is not an administrative expenses in a manufacturing organization?

Which of the following item is not treated in the profit and loss account?

When an asset is sold, the entries for the accumulated depreciation are; debit

The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as

Which of the following is not a factory overhead cost? 

Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is

An example of input devices of a computer is

The accounting ratio used to measure the average number of days for which suppliers remain unpaid is

A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?

Which of the following information is recorded in the returns outwards book?

When shares are issued above their nominal value, the excess above the nominal value is

A book that contains individual accounts of suppliers is the

The source document used to make entries in the purchase day book is

The principle of double entry bookkeeping states that