2014 - WAEC Accounting Past Questions and Answers - page 3
The sum of direct cost in a manufacturing account is
When an asset is sold, the entries for the accumulated depreciation are; debit
A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?
In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a
The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is
When shares are issued above their nominal value, the excess above the nominal value is
Shares issued below nominal value are referred to as shares at
Use the following information to answer the question given.
(\begin{array}{c|c} Capital & Le \ \hline Aye & 20,000\ Bee & 30,000\ Drawings & \ Aye & 8,000 \ Bee & 2,000 \ \text{Profit for the year} & 2,000\ \text{Interest on capital-6%} & \ \text{Interest on drawings - 10%} & \end{array})
Profit sharing is in the ratio of capital. The divisible profit is
Use the following information to answer the question given.
(\begin{array}{c|c} Capital & Le\ \hline Aye & 20,000\ Bee & 30,000\ Drawings & \ Aye & 8,000 \ Bee & 2,000 \ \text{Profit for the year} & 2,000\ \text{Interest on capital-6%} & \ \text{Interest on drawings - 10%} & \end{array}).
Profit sharing is in the ratio of capital. Aye;s share of profit is
Use the following information to answer the question given.
(\begin{array}{c|c} Capital & Le\ Aye & 20,000\ Bee & 30,000\ Drawings & \ Aye & 8,000 \ Bee & 2,000 \ \text{Profit for the year} & 2,000\ {text{Interest on capital-6%} & \ \text{Interest on drawings - 10%} & \end{array})
Profit sharing is in the ratio of capital. Bee's share of profit is