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Accounts - Principles of Accounts 2003 WAEC Past Questions

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16
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
Ojo's share of profit for the year is
  • A. ₦21,067
  • B. ₦20,9333
  • C. ₦20,000
  • D. ₦19,067
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17
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
Aina's current account balance is
  • A. ₦9,933
  • B. ₦9,533
  • C. ₦6,600
  • D. ₦3,933
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18
The accounting concept that supports the application of double entry book-keeping is the
  • A. going concern concept
  • B. dual aspect concept
  • C. historical cost concept
  • D. consistency concept
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19
Which of the following is a limitation of the money measurement concept?
  • A. efficient management is not disclosed
  • B. there is no basis for comparison
  • C. inter-period comparison is impossible
  • D. it does not allow choice of methods
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20
The account that shows both the cash and bank transactions of an enterprise is
  • A. appropriation account
  • B. trading account
  • C. profit and loss account
  • D. cash book
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