Waec Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 31:

• WAEC 2010

A partners whose liability goes beyond his capital is known as

A. Dormal partner
B. Limited partner
C. General partner
D. Nominal partner

Question 32:

• WAEC 2010

Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\\ & ₦ & ₦ & ₦ \\ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \\ \text{Drawings} & 2,520 & - & 2,520 \\ \text{Interest on drawings} & 504 & - & 504\\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \\ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is

A. ₦21,504
B. ₦19,792
C. ₦18,352
D. ₦16,128

Question 33:

• WAEC 2010

Carriage inwards is shown on the

A. Debit side of the trading account
B. Credit side of the trading account
C. Credit side of the profit and loss account
D. Debit side of the profit and loss account

Question 34:

• WAEC 2010

The accounting treatment when goods are sent to branch at a cost is, debit branch stock account and credit

A. Branch stock adjustment account
B. Goods sent to branch account
C. Branch debtors account
D. Branch profit and loss account

Question 35:

• WAEC 2010

The document prepared for the disbursement of government fund is

A. An invoice
B. A receipt
C. A payment voucher
D. A bill