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Accounts - Principles of Accounts 2004 WAEC Past Questions

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21
Which of the following is not a debit item in the partnership profit and loss appropriation account?
  • A. interest on partners drawings
  • B. parners salaries
  • C. interest on partners capital
  • D. share of profit
View Answer & Discuss WAEC 2004
22
Which of the following is not correct?
  • A. credit sales are entered on debit side of the customers personal account
  • B. credit purchases are entered on the debit side of the supplier's personal account
  • C. return inward are entered on the credit side of the customer's personal account
  • D. returns outwards are entered in on the debit side of the supplier's account
View Answer & Discuss WAEC 2004
23
When discount is allowed, the accounting entry is debit Discount allowed and credit
  • A. suspense account
  • B. expense account
  • C. debtors account
  • D. creditors account
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24

When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is

  • A. debit profit and loss appropristion account, credit current Account
  • B. Debit profit and loss appropriation account, credit capital account
  • C. debit current account, credit caapital account
  • D. debit profit and loss account, credit current account
View Answer & Discuss (1) WAEC 2004
25
Goodwill is taken into account in partnership when
  • A. the business has good customer relations
  • B. the business is making huge profit
  • C. a new partner is admitted
  • D. a parner becomes dormant
View Answer & Discuss WAEC 2004
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