Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1211:

• WAEC 2014

Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le\\ Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \{text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. Bee's share of profit is

A. Le 8,000
B. Le 6,000
C. Le 4,800
D. Le 3,200

Question 1212:

• WAEC 2014

The accounting ratio used to measure the average number of days for which suppliers remain unpaid is

A. Stock turnover
B. Creditor's payment period
C. Debtors collection period
D. Return on capital employed

Question 1213:

• WAEC 2014

When the purchase consideration exceeds the value of business, the difference is

A. Profit
B. Discount
C. Goodwill
D. Reserve

Question 1214:

• WAEC 2014

The primary classification of government expenditure is based on

A. Programs
B. Fund
C. Activity
D. Project

Question 1215:

• WAEC 2014

An example of input devices of a computer is

A. An optical character reader
B. A graph plotter
C. A visual display unit
D. A printer