Waec Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 16:

• WAEC 2006

Which of the following is not a source of revenue to a government?

A. Taxation
B. Sales of goods
C. Imposition of fines
D. Grants

Question 17:

• WAEC 2006

Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Ebima's share was

A. D10,440
B. D9,900
C. D7,560
D. D6,600

Question 18:

• WAEC 2006

Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Jaiteh's share of profit was

A. D10,440
B. D9,900
C. D7,560
D. D6,600

Question 19:

• WAEC 2006

Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of

A. Sorting out
B. Last in, first out
C. First in,first out
D. Garbage in, garbage out

Question 20:

• WAEC 2006

Bank reconciliation statement reconciles

A. Bank and cash balances in cash book
B. Bank balance in the cash book and bank statement balance
C. Cash balance in the cash book and bank statement balance
D. Bank balance brought down balance brought down and bank balance carried dowm in the cash book