WAEC Accounting Past Questions & Answers - Page 324

1,616.

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

A.

Bases

B.

Techniques

C.

Concepts

D.

Method

Correct answer is C

Accounting concepts and conventions are the basic assumptions that underline the preparation of the periodic financial statements of a business.

 

1,617.

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

A.

Run a charity organization

B.

Pursue a social objective

C.

Form a business for profit

D.

Run a religious objective

Correct answer is C

The purpose of partnership agreement (or partnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities for profitability

1,618.

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

A.

Income and expenditure account 

B.

Receipts and payments account

C.

Two column cashbook

D.

Petty cash book 

Correct answer is B


"A receipt and payment account is a summarized cash book (cash and bank) for a given period" prepared by Non-profit organizations (also called non-trading concerns) at the end of year.

1,619.

When the going concern concept is no longer applicable, the fixed assets are recorded at their

A.

Net book value

B.

Realizable value

C.

Gross value

D.

Revalued amount

Correct answer is D

When an asset is sold that has previously been revalued, the revaluation within the carrying value is debited to the Revaluation Reserve. When assets are revalued, every Balance Sheet shall show for a specified period of years, the amount of increase/decrease made in respect of each class of assets.

1,620.

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

A.

Reproduction

B.

Debugging

C.

Sorting

D.

Retrieving

Correct answer is B

No explanation has been provided for this answer.