Waec Accounting Past Questions For Year 2001
Question 11
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What was the book value when the asset was sold?
- A. N8,000
- B. N6,000
- C. N4,000
- D. N2,000
Question 12
Which of the following does not relate to government accounting system?
- A. vote
- B. trial balance
- C. consolidated fund
- D. profit and loss account
Question 13
An agreement made by partners to regulate and govern their business activities is known as
- A. partnership Act
- B. Partnership Deed
- C. partnership code
- D. Memorandum
Question 14
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is the closing balance in Ali's Current Account?
- A. N1,600,000 Cr.
- B. N500,000 Cr.
- C. N500,000 Dr
- D. N1,600,000Dr
Question 15
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Ali's share of profit?
- A. N1,650,000
- B. N1,600,000
- C. N1,280,000
- D. N1,100,000
