Accounts Principles Of Accounts 2008 Waec Past Questions and Answers

Question 6 :

• WAEC 2008

In a partnership business, the net profit serves as opening figure for

A. Trading account
B. Profit and loss accoun
C. Current account
D. Appropriation account

Question 7 :

• WAEC 2008

Which of the following is the effect of an increase in the provision for discount allowed?

A. Increase in net profit
B. Decrease in ross profit
C. Decrease in net profit
D. Increase in gross profit

Question 8 :

• WAEC 2008

In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of

A. Materials available
B. Production
C. Sales
D. Materials used

Question 9 :

• WAEC 2008

Returns inwards is also called

A. Purchases returns
B. Sales returns
C. Goods on sales or return
D. Goods in transit

Question 10 :

• WAEC 2008

Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The balance of the profit and loss appropriation account as at the end of the year was

A. ₦16,000
B. ₦10,000
C. ₦5,400
D. ₦1,400