Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1306:

• WAEC 2016

The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is

A. Realization concept
B. Business entity concept
C. Cost concept
D. Dual aspect concept

Question 1307:

• WAEC 2016

Where fixed capitals are maintained in a partnership, share profits are

A. Credited to partners capital accounts
B. Credited to partners current accounts
C. Debited to partners capital accounts
D. Debited to partners current accounts

Question 1308:

• WAEC 2016

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

A. 5%
B. 10%
C. 12%
D. 15%

Question 1309:

• WAEC 2016

In preparing partnership accounts, interest on drawings is debited to current accounts and credited to

A. Capital account
B. Appropriation account
C. Drawings account
D. Profit and loss account

Question 1310:

• WAEC 2016

When allotments have been fully paid, subscribers are referred to as

A. Allotters
B. Applicants
C. Non-members
D. Shareholders