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Question 1
What is the primary objective of financial accounting in a commercial business enterprise?
Correct Answer:
To record, classify, and summarize monetary transactions to provide useful financial information to stakeholders for decision-making.
Question 2
A business owner in Douala pays his daughter's private secondary school tuition fees using cash withdrawn from the business cash till. Which accounting concept mandates that this transaction be recorded as drawings rather than an operating business expense?
Correct Answer:
Business Entity Concept
Question 3
Which accounting concept justifies recording non-current assets at their net book value rather than their immediate net realizable liquidation value when preparing financial statements?
Correct Answer:
Going Concern Concept
Question 4
A merchant in Bamenda purchased a commercial delivery van for 6,000,000 FCFA five years ago. Although its current second-hand market value is 2,800,000 FCFA, its original cost remains recorded in the non-current asset ledger. Which accounting principle governs this initial recording?
Correct Answer:
Historical Cost Concept
Question 5
According to the prudence (conservatism) concept, how should closing inventory be valued in the final accounts?
Correct Answer:
At the lower of cost and net realisable value.
Question 1
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About this Exam

Prepare with the Cameroon GCE O-Level Accounting Practice Questions - Cameroon General Certificate of Education Ordinary Level - Accounting Principles of Accounts (0505) Exam practice quiz. This question bank includes 100 questions covering fcfa, account, cash, balance, and credit. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Cameroon GCE O-Level Accounting Practice Questions - Cameroon General Certificate of Education Ordinary Level - Accounting Principles of Accounts (0505) Exam

This practice set contains 100 questions from the matching question bank and focuses on fcfa, account, cash, balance, and credit. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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