WAEC Accounting Past Questions & Answers - Page 279

1,392.

A three column cash book contains column for

A.

Cash, assets and liabilities

B.

Bank, cash and assets

C.

Cash, bank and return

D.

Discount, cash and bank

Correct answer is D

No explanation has been provided for this answer.

1,393.

A difference between the debit and credit totals in a trial balance is placed in

A.

Bank reconciliation statement

B.

Profit and loss account

C.

Suspense account

D.

Appropriate account

Correct answer is C

No explanation has been provided for this answer.

1,394.

Which of the following is not a source of revenue for local government?

A.

Mining royaltyies

B.

Radio and TV licences

C.

Tenement/property rates

D.

Business permit fee

Correct answer is A

No explanation has been provided for this answer.

1,395.

"Financial statements do not a disclose all information users need to know about a firm" This is the concept of

A.

Consistency

B.

Money measurement

C.

Dual aspect

D.

Materiality

Correct answer is B

No explanation has been provided for this answer.