2005 - WAEC Accounting Past Questions and Answers - page 4

"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 statements is no correct?

Direct material + direct expenses is

Books of account are opening by means of a

When both debit and credit entries of a transaction are shown in the cash book, it is described as

The correct order of liquidity is

Which of the following ratios measure the ability of a firm to meet short-term obligations?

Which of the following is a capital reserve?

When shares are sold at less than the nominal value, it means they are issued at

Where goods are invoiced by a firm its branch at cost-plus, the branch stock adjustment accounts is used to determine