Waec Accounts - Principles of Accounts Past Questions and Answers

Question 716:

• WAEC 2004

When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is

A. Debit profit and loss appropristion account, credit current Account
B. Debit profit and loss appropriation account, credit capital account
C. Debit current account, credit caapital account
D. Debit profit and loss account, credit current account

Question 717:

• WAEC 2004

Goodwill is taken into account in partnership when

A. The business has good customer relations
B. The business is making huge profit
C. A new partner is admitted
D. A parner becomes dormant

Question 718:

• WAEC 2004

The excess of current assets over current liabilities is

A. Working capital
B. Preference capital
C. Loan capital
D. Founder's capital

Question 719:

• WAEC 2004

A class of preference shares in which dividend rights are carried forward is

A. Cumulative
B. Participating
C. Redeemable
D. Floating-rate

Question 720:

• WAEC 2004

The class of shareholders who are paid last in the event of wedding-up are

A. Ordinary
B. Preference
C. Founder
D. Treasury