Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1386:

• WAEC 2017

The accounting entries when goods are sold on credit at the branch are debit

A. Branch Debtors Account; credit Sales Accounts
B. Branch Current Account; credit Head Office Current Account
C. Branch Debtors Account; credit Head Office Current Account
D. Head Office Current Account; credit Sales Accounts

Question 1387:

• WAEC 2017

Goodwill may be brought into the books when


A. No partner retires
B. Assets are more than liabilities
C. Profit for the period is high
D. A new partner is admitted

Question 1388:

• WAEC 2017

Working capital is the excess of

A. Current assets over fixed assets
B. Current liabilities over current assets
C. Fixed assets over currents liabilities
D. Current assests over current

Question 1389:

• WAEC 2017

Share premium is classified in the balance sheet as

A. Fixed capital
B. Capital reserve
C. Revenue reserve
D. Short-term capital

Question 1390:

• WAEC 2017

Use the following information to answer the question below
Opening stock---------2,300
Purchases-------------11,874
Sales--------------------18,600
Closing stock-----------3,600
Cost of goods sold---11,500
The percentage of gross profit to sales is

A. 61.82%
B. 38.17%
C. 28.49%
D. 14.25%