Waec Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 6:

• WAEC 1997

Which of the following is not a capital expenditure to a local government?

A. Beds
B. Theatre equipment
C. Incubators
D. X-ray machine
E. Drugs

Question 7:

• WAEC 1997

A Receipt and Payments Account reveals

A. Net profit
B. Surplus
C. Cash in hand
D. Gross profit
E. Net loss

Question 8:

• WAEC 1997

An example of appropriation of profit in a company is

A. Salaries
B. Rent income
C. Debenture interest
D. Director's remuneration
E. Dividend

Question 9:

• WAEC 1997

In a partnership goodwill is recognized when

A. A new partner is admitted
B. A partner is dormant
C. The business is making huge profit
D. The business has good customer relations
E. It is a limited partnership

Question 10:

• WAEC 1997

Which of the following is a normal account?

A. Machinery
B. Debtors
C. Creditors
D. Salaries
E. Goodwill