Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1526:

• WAEC 2020

The accounting concept which distinguishes an enterprise from its owners is

A. Money measurement
B. Dual aspect concept
C. Going concern concept
D. Business entity concept

Question 1527:

• WAEC 2020

Eze introduces his private car into his business.

The aspect of the accounting equation of the business that would be affected are

A. Assets and Capital
B. Capital and Profit
C. Liabilities and Assets
D. Capital and Liabilities

Question 1528:

• WAEC 2020

Debtors and credit sales for a period are D 120,00 and D 600,00 respectively.

The debtor's payment period would be

A. 1825 days
B. 365 days
C. 73 days
D. 5 days

Question 1529:

• WAEC 2020

A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit

A. A. Sales Account D450: credit Sales Day Book D450
B. Sales Day Book D 450: credit Sales Account D 450
C. Sales Account D450; credit Suspense Account D 450
D. Suspense Account D 450; credit Sales Account D450

Question 1530:

• WAEC 2020

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Capital Drawings
Ata 40,000 8,000
Bubu 30,000 5000
Chikum 20,000 -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The profit available for sharing by the partners is


A. N90,000
B. N40,500
C. N36,000
D. N27,500