Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1586:

• WAEC 2021

Company as a legal entity means that it

A. Must always have a company lawyer
B. Can sue and be sued
C. Must settle disputes among shareholders in court
D. Should prepare accounts approved by a lawyer

Question 1587:

• WAEC 2021

Use the following information below to answer this question.
Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.
The residual profit of the business for the year is

A. D47,000
B. D34,000
C. D22,000
D. D21,000

Question 1588:

• WAEC 2021

Use the following information below to answer this question.
Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.
Attama's share of profit is

A. D21,000
B. D19,428
C. D12,000
D. D9,000

Question 1589:

• WAEC 2021

Reducing balance method charges depreciating as fixed percentage of the

A. Net book value of asset
B. Cost of asset
C. Market value of asset
D. Accumulated depreciation on asset

Question 1590:

• WAEC 2021

Goods returned to the supplier is recorded in the accounts as: debit

A. Sales Returns Account; credit Suppliers' Account
B. Purchases Returns Account; credit Supplier's Account
C. Supplier's Account; credit Purchases Returns Account
D. Supplier's Account; credit Purchases Account