Waec Accounts - Principles of Accounts Past Questions and Answers

Question 621:

• WAEC 2002

Partner's interest on capital is shown in the

A. Profit and loss Account
B. Oartners fixed capital account
C. Profit and loss appropriation account
D. Trading account

Question 622:

• WAEC 2002

A deduction from the sales price of goods that is allowed if payment is made within a specified period of time

A. Trade discount
B. Cash discount
C. Quantity discount
D. Rebate

Question 623:

• WAEC 2002

A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of

A. Accrual
B. Materiality
C. Prudence
D. Going-concern

Question 624:

• WAEC 2002

Partner's interest on capital is shown in the

A. Profit and loss account
B. Partners Fixed Capital account
C. Profit and loss Appropriation
D. Trading account

Question 625:

• WAEC 2002

Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde's capital is

A. N10,000
B. N5,000
C. N4,000
D. N1,500