Waec Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 31:

• WAEC 2019

Use the following information to answer question below
April 11:Sold goods for cash N50,000
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp N5,000
April 28: Cash sales N49,000
April 29: Cash purchases N11,000
April 30: Paid salaries N18,000

Total cash receipts for the period is

A. N99,000
B. N64,000
C. N50,000
D. N35,000

Question 32:

• WAEC 2019

Use the following information to answer the question below
April 11: Sold goods for cash N50,000
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp N5,000
April 28: Cash sales N49,000
April 29: Cash purchases N11,000
April 30: Paid salaries N18,000

The cash balance at the end of the period is

A. N99,000
B. N64,000
C. N35,000
D. N34,000

Question 33:

• WAEC 2019

Goodwill is recognized in partnership when

A. The business makes a huge profit
B. The business has adequate bank balance
C. A partner is dormant
D. A new partner is admitted

Question 34:

• WAEC 2019

The directors of Olu Ltd. recommended a dividend of 10% on 1,000,000 ordinary share capital of N2.00 each. The amount of dividend declared is

A. N200,000
B. N100,000
C. N20,000
D. N10,000

Question 35:

• WAEC 2019

The mark-up on a product is 2/3. The margin is

A. 3/5
B. 2/5
C. 1/3
D. 2/9