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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1841
Which of the following is treated under partnership appropriation account?
  • A. interest on loan
  • B. salary of workers
  • C. electricity
  • D. salary of partner
  • E. travelling expenses of a partner
View Answer & Discuss WAEC 1994
1842
Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued
  • A. N3,460
  • B. N5,620
  • C. N14,170
  • D. N16,330
  • E. N18,490
View Answer & Discuss WAEC 1994
1843
The excess of current assets over current liabilities is
  • A. fixed capital
  • B. registered capital
  • C. nominal capital
  • D. paid-up capital
  • E. working capital
View Answer & Discuss WAEC 1994
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1844
Rate of stock turnover is defined as
  • A. purchases over stock
  • B. cost of goods available for sale over total of opening and closing stock
  • C. cost of goods available for sale ovet total of opening and closing stock
  • D. cost of goods sold over total opening and closing stock
  • E. cost of goods sold over average stock
View Answer & Discuss WAEC 1994
1845
Which of the following is not true of a partnership business without written agreement?
  • A. profit and losses will shared equally
  • B. interest not to be paid on capital
  • C. interest on drawings is to be at the rate 5% per annum
  • D. salaries are not allowed to partners
  • E. money in excess of capital agreed to subscribe is to attract an interest of 5% per annum
View Answer & Discuss WAEC 1994
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