Waec Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 16:

• WAEC 2017

Donations to a club are

A. Credited to the Income and Expenditure Account
B. Credit to the Receipts and Payments Account
C. Debited to the Income and Expenditure Account
D. Debited to Donation Accounts

Question 17:

• WAEC 2017

A statement of affairs shows

A. Receipt and payments
B. Revenue and expenditure
C. Financial position
D. Profit or loss

Question 18:

• WAEC 2017

In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of

A. Profit and Loss Accounts
B. Income and expenditure Accounts
C. Cash Book
D. Balance Sheet

Question 19:

• WAEC 2017

Where there is no agreement between the partners, the Partnership Act states that

A. 5% interest is to be paid on capital
B. Profit and losses are to be shared in proportion to their capital
C. 50% interest is to be charged on drawings
D. No salary is to be paid to partners

Question 20:

• WAEC 2017

Interest on partners drawings are debited in the


A. Partners current accounts and credited to the appropriation account
B. Drawings account and credited to the profit and loss account
C. Profit and loss account and credited to the partners current account
D. Profit and loss account and credited to the partners' drawings account