Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1456:

• WAEC 2019

A feature of government accounting is that the

A. Fixed assets are depreciated
B. Objective is to report profit made by the government
C. Accounts are prepared on accrual basis
D. Accounts are prepared on cash basis

Question 1457:

• WAEC 2019

Use the following information to answer the question below
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
Ogah Ajem
Capital Account 60,000 65,000
Current Account 40,000 50,000
Drawings 20,000 30,000
Salary 10,000 -
Netprofit was 100,000

Ogah's share of profit was

A. 51,150
B. 50,250
C. 34,100
D. 33,500

Question 1458:

• WAEC 2019

Use the following information to answer the question below
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
Ogah Ajem
Capital Account 60,000 65,000
Current Account 40,000 50,000
Drawings 20,000 30,000
Salary 10,000 -
Netprofit was 100,000

Ajem's current account balance was

A. 65,000
B. 60,000
C. 42,000
D. 40,000

Question 1459:

• WAEC 2019

Interest on drawings amounted to

A. 6,000
B. 1,500
C. 900
D. 600

Question 1460:

• WAEC 2019

Debtors Control Account is kept in the

A. Sales ledger
B. Nominal ledger
C. Personal ledger
D. General ledger