Waec Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 11:

• WAEC 2011

Which of the following errors will affect the totals of a trial balance?

A. Compensating error
B. Complete reversal of entry
C. Error in addition
D. Error of original entry

Question 12:

• WAEC 2011

The document used in government accounting to shoe evidence of cash receipt and payments is the

A. Budget
B. Warrant
C. Vote
D. Voucher

Question 13:

• WAEC 2011

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Okoro's share of the profit is

A. ₦17,070
B. ₦16,070
C. ₦11,380
D. ₦10,000

Question 14:

• WAEC 2011

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Osula's interest on drawings is

A. ₦2,000
B. ₦750
C. ₦700
D. ₦500

Question 15:

• WAEC 2011

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, The total interest on capital is

A. ₦4,000
B. 2,740
C. ₦2,000
D. ₦750