Waec Accounts - Principles of Accounts Past Questions and Answers

Question 656:

• WAEC 2003

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
Ojo's share of profit for the year is

A. ₦21,067
B. ₦20,9333
C. ₦20,000
D. ₦19,067

Question 657:

• WAEC 2003

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
Aina's current account balance is

A. ₦9,933
B. ₦9,533
C. ₦6,600
D. ₦3,933

Question 658:

• WAEC 2003

The accounting concept that supports the application of double entry book-keeping is the

A. Going concern concept
B. Dual aspect concept
C. Historical cost concept
D. Consistency concept

Question 659:

• WAEC 2003

Which of the following is a limitation of the money measurement concept?

A. Efficient management is not disclosed
B. There is no basis for comparison
C. Inter-period comparison is impossible
D. It does not allow choice of methods

Question 660:

• WAEC 2003

The account that shows both the cash and bank transactions of an enterprise is

A. Appropriation account
B. Trading account
C. Profit and loss account
D. Cash book