WAEC Accounting Past Questions & Answers - Page 248

Direct material + direct expenses is

Which of the following statements is no correct?

"Transactions are governed by legal principles, but are nevertheless accounted for and presented in accordance with the substance and financial reality". This is in compliance with the principle of

Which of the following is not an accounting concept?

Use the following information to answer the given question

RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)

\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)

Subscriptions relating to the year 2004 is