2004 - WAEC Accounting Past Questions and Answers - page 3
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
correct option: a
Users' Answers & Comments22
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
correct option: b
Users' Answers & Comments23
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
correct option: c
Users' Answers & Comments24
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
correct option: b
Users' Answers & Comments25
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
correct option: c
Users' Answers & Comments26
The excess of current assets over current liabilities is
A
working capital
B
preference capital
C
loan capital
D
founder's capital
correct option: a
Users' Answers & Comments27
A class of preference shares in which dividend rights are carried forward is
A
cumulative
B
participating
C
redeemable
D
floating-rate
correct option: a
Users' Answers & Comments28
The class of shareholders who are paid last in the event of wedding-up are
A
ordinary
B
preference
C
founder
D
treasury
correct option: a
Users' Answers & Comments29
When both debit and credit entries in respect of a transaction are made in the same ledger account, this is
A
a ledger entry
B
an accounting entry
C
a folio entry
D
a contra entry
correct option: d
Users' Answers & Comments30
Use the following information to answer the given question
\(\begin{array}{c|c} & N\ \text{Stock of raw materials - 1st January, 2002} & 460,000\ \text{Purchases of raw materials} & 1,000,000\ \text{Carriage inwards} & 100,000 \ \text{Stock of raw materials - 31st December, 2002} & 500,000\ \text{Royal paid} & 35,000 \ \text{Manufacturing wages} & 80,000\ \text{Supervisor's salary} & 15,000\end{array}\)
Total overhead cost is
\(\begin{array}{c|c} & N\ \text{Stock of raw materials - 1st January, 2002} & 460,000\ \text{Purchases of raw materials} & 1,000,000\ \text{Carriage inwards} & 100,000 \ \text{Stock of raw materials - 31st December, 2002} & 500,000\ \text{Royal paid} & 35,000 \ \text{Manufacturing wages} & 80,000\ \text{Supervisor's salary} & 15,000\end{array}\)
Total overhead cost is
A
N105,000
B
N95,000
C
N50,000
D
N15,000
correct option: d
Users' Answers & Comments