Waec Accounts - Principles of Accounts 1994 Past Questions and Answers

Question 16:

• WAEC 1994

Which of the following is treated under partnership appropriation account?

A. Interest on loan
B. Salary of workers
C. Electricity
D. Salary of partner
E. Travelling expenses of a partner

Question 17:

• WAEC 1994

Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued

A. N3,460
B. N5,620
C. N14,170
D. N16,330
E. N18,490

Question 18:

• WAEC 1994

The excess of current assets over current liabilities is

A. Fixed capital
B. Registered capital
C. Nominal capital
D. Paid-up capital
E. Working capital

Question 19:

• WAEC 1994

Rate of stock turnover is defined as

A. Purchases over stock
B. Cost of goods available for sale over total of opening and closing stock
C. Cost of goods available for sale ovet total of opening and closing stock
D. Cost of goods sold over total opening and closing stock
E. Cost of goods sold over average stock

Question 20:

• WAEC 1994

Which of the following is not true of a partnership business without written agreement?

A. Profit and losses will shared equally
B. Interest not to be paid on capital
C. Interest on drawings is to be at the rate 5% per annum
D. Salaries are not allowed to partners
E. Money in excess of capital agreed to subscribe is to attract an interest of 5% per annum