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Accounts - Principles of Accounts 2024 WAEC Past Questions

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36

The equivalent of income and expenditure account in a limited liability company is 

  • A. cash book.
  • B. receipts and payments account.
  • C. appropriation account.  
  • D. profit and loss account.
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37

The owner's claim on the asset of a business is 

  • A. capital.
  • B. loan.
  • C. liabilities.
  • D. drawings..
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38

 A partner who has not contributed any form of capital into the firm but only lends his name to be used as a partner is a 

  • A. limited partner.
  • B. dormant partner.
  • C. general partner.
  • D. nominal partner.  
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39

Liquid assets refer to

  • A. cash and other assets that can be easily converted into cash.
  • B. cash and other current assets.
  • C. current assets less current liabilities.
  • D. bank balance less overdraft.  
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40

Use the following information to answer this  question.
Ade bought goods worth le 30,000 from Ode and was given a 7.5% discount.  


The evidence of payment for the goods Ade bought is the 

  • A. receipt.
  • B. invoice.
  • C. waybill.
  • D. voucher.
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