Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1041:

• WAEC 2011

Which of the following is a capital expenditure?

A. Extension of building
B. Repairs of generator
C. Purchase of stock
D. Purchase of stationery

Question 1042:

• WAEC 2011

Expenses accured at the end of the accounting year is treated in the balance sheets as

A. Current assets
B. Current liability
C. Ficed assets
D. Long-term liability

Question 1043:

• WAEC 2011

Another name for owner's equity is

A. Loan
B. Debtots
C. Capital
D. Overdraft

Question 1044:

• WAEC 2011

The reduction in value of goodwill is

A. Amortization
B. Appreciation
C. Depletion
D. Depreciation

Question 1045:

• WAEC 2011

Which of the following is not recorded in a partnership appropriation account?

A. Interest on capital
B. Partners drawings
C. Share of profit
D. Interest on drawings