Waec Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 21:

• WAEC 2004

Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is

A. N3,850
B. N2,900
C. N2,300
D. N2,000

Question 22:

• WAEC 2004

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

A. Interest on partners drawings
B. Parners salaries
C. Interest on partners capital
D. Share of profit

Question 23:

• WAEC 2004

Which of the following is not correct?

A. Credit sales are entered on debit side of the customers personal account
B. Credit purchases are entered on the debit side of the supplier's personal account
C. Return inward are entered on the credit side of the customer's personal account
D. Returns outwards are entered in on the debit side of the supplier's account

Question 24:

• WAEC 2004

When discount is allowed, the accounting entry is debit Discount allowed and credit

A. Suspense account
B. Expense account
C. Debtors account
D. Creditors account

Question 25:

• WAEC 2004

When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is

A. Debit profit and loss appropristion account, credit current Account
B. Debit profit and loss appropriation account, credit capital account
C. Debit current account, credit caapital account
D. Debit profit and loss account, credit current account