Waec Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 26:

• WAEC 2012

Partners whose liabilities are restricted to their financial contribution to the partnership in the event of winding up are

A. Ordinary partners
B. Limited partners
C. Dormant partners
D. Sleeping partners

Question 27:

• WAEC 2012

If creditors at 1\1\10 were Le 3,000; creditors at 31/12/10 Le 5,500 and payments to creditors Le 29,000. The purchases figure for 2010 is

A. Le 34,500
B. Le 32,000
C. Le 31,500
D. Le 26,500

Question 28:

• WAEC 2012

Which of the following is not found in the personal ledger?

A. Debtors account
B. Creditors account
C. Capital account
D. Nominal account

Question 29:

• WAEC 2012

The sales ledger control account is also referred to as

A. Bought ledger control account
B. Purchases account
C. Total debtors account
D. Total creditor account

Question 30:

• WAEC 2012

An increases in the provision for doubtful debts results is a\an

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