Waec Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 46:

• WAEC 1998

Interest on Partner's drawing is credited to

A. Capital account
B. Drawings account
C. Current account
D. Profit and loss account
E. Appropriate account

Question 47:

• WAEC 1998

Carriage outwards is the amount spent on transporting

A. Goods sold
B. Goods purchased
C. Goods returned to stock
D. Excess stock
E. Goods for manufacture

Question 48:

• WAEC 1998

Discount allowed is charged to

A. Profit and loss appropriation account
B. Manufacturing account
C. Trading account
D. Profit and loss account
E. Current account

Question 49:

• WAEC 1998

The loss made by a non-trading organization is called

A. Surplus
B. Drawing
C. Deficit
D. Shortage
E. Discount