Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1026:

• WAEC 2010

Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\\ & ₦ & ₦ & ₦ \\ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \\ \text{Drawings} & 2,520 & - & 2,520 \\ \text{Interest on drawings} & 504 & - & 504\\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \\ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is

A. ₦21,504
B. ₦19,792
C. ₦18,352
D. ₦16,128

Question 1027:

• WAEC 2010

Carriage inwards is shown on the

A. Debit side of the trading account
B. Credit side of the trading account
C. Credit side of the profit and loss account
D. Debit side of the profit and loss account

Question 1028:

• WAEC 2010

The accounting treatment when goods are sent to branch at a cost is, debit branch stock account and credit

A. Branch stock adjustment account
B. Goods sent to branch account
C. Branch debtors account
D. Branch profit and loss account

Question 1029:

• WAEC 2010

The document prepared for the disbursement of government fund is

A. An invoice
B. A receipt
C. A payment voucher
D. A bill

Question 1030:

• WAEC 2010

A financial plan of action expressed in monetary terms is a/an

A. Warrant
B. Budget
C. Imprest
D. Consilidated fund