Waec Accounts - Principles of Accounts 1994 Past Questions and Answers

Question 26:

• WAEC 1994

Profit expressed as a proportion of cost price is known as

A. Grss profit
B. Profit make-up
C. Profitt margin
D. Profit percentage
E. Profit ratio

Question 27:

• WAEC 1994

Bosun bought goods worth N500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?

A. N100
B. N125
C. N500
D. N600
E. N625

Question 28:

• WAEC 1994

Which of the following does not appear on the debit side of a company's profit and loss appropriation account?

A. Compny tax
B. Unappropriated surplus
C. Proposed dividend
D. Transfer to rserve
E. Interim dividend paid

Question 29:

• WAEC 1994

Which of the following is not a profit and loss appropriation account item?

A. Staff salaries
B. Interest on capital
C. Interest on money advanced by partners
D. Share of profit
E. Interest and drawings

Question 30:

• WAEC 1994

Drawing appear on the

A. Debit side of the profit and loss account
B. Credit side of te profit and loss account
C. Debit side of the appropriation account
D. Debit side of the current account
E. Credit side of the appropriation account