Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1391:

• WAEC 2017

Use the following information to answer the question below
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
What is the rate of stock turnover?

A. 7 times
B. 6 times
C. 5 times
D. 4 times

Question 1392:

• WAEC 2017

Donations to a club are

A. Credited to the Income and Expenditure Account
B. Credit to the Receipts and Payments Account
C. Debited to the Income and Expenditure Account
D. Debited to Donation Accounts

Question 1393:

• WAEC 2017

A statement of affairs shows

A. Receipt and payments
B. Revenue and expenditure
C. Financial position
D. Profit or loss

Question 1394:

• WAEC 2017

In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of

A. Profit and Loss Accounts
B. Income and expenditure Accounts
C. Cash Book
D. Balance Sheet

Question 1395:

• WAEC 2017

Where there is no agreement between the partners, the Partnership Act states that

A. 5% interest is to be paid on capital
B. Profit and losses are to be shared in proportion to their capital
C. 50% interest is to be charged on drawings
D. No salary is to be paid to partners