Waec Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 16:

• WAEC 2008

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

A. Capital
B. Drawings
C. Creditors
D. Bank balance

Question 17:

• WAEC 2008

Use the following information
\(\begin{array}{c|c} & ₦ \\\hline \text{Opening capital} & 60,000 \\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Net profit is

A. ₦ 43,000
B. ₦25,000
C. ₦23,000
D. ₦18,000

Question 18:

• WAEC 2008

Use the following information
\(\begin{array}{c|c} & ₦\\ \hline\text{Opening capital} & 60,000\\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Closing capital is

A. ₦81,000
B. ₦78,000
C. ₦74,000
D. ₦64,000

Question 19:

• WAEC 2008

Which of the following is not a debit item in partners appropriation account?

A. Interest on capital
B. Salary
C. Share of profit
D. Share of loss

Question 20:

• WAEC 2008

The difference between factory cost of goods produced and its market value is

A. Interest
B. Premium
C. Manufacturing profit
D. Manufacturing overhead