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Accounts - Principles of Accounts Past Questions

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1241
In company accounts, profit after tax is shared in the
  • A. appropriation account
  • B. revaluation account
  • C. current account
  • D. realization account
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1242
Which of the following is not a source of revenue to a government?
  • A. taxation
  • B. sales of goods
  • C. imposition of fines
  • D. grants
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1243
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Ebima's share was
  • A. D10,440
  • B. D9,900
  • C. D7,560
  • D. D6,600
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1244
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Jaiteh's share of profit was
  • A. D10,440
  • B. D9,900
  • C. D7,560
  • D. D6,600
View Answer & Discuss WAEC 2006
1245
Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of
  • A. sorting out
  • B. last in, first out
  • C. first in,first out
  • D. garbage in, garbage out
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