Waec Accounting Past Questions
Question 1616
Use the following information to answer questions below
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Teteh's share of profit is
- A. #60,000
- B. #90,000
- C. #75,000
- D. #50,000
Question 1617
The document prepared by the buyer and sent to the seller listing the items to be supplied is
- A. purchase order
- B. credit note
- C. proforma invoice
- D. sales order
Question 1618
Drawings made by a partner would be
- A. credited to current account
- B. credited to appropriation account
- C. debited to appropriation account
- D. debited to current account
Question 1619
Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of
- A. bank charges
- B. direct debit
- C. standing order
- D. credit transfer
Question 1620
Manufacturing account is prepared to ascertain
- A. profit on goods produced
- B. cost of goods produced
- C. cost of goods sold
- D. profit on goods sold
