Waec Accounting Past Questions For Year 2001

Question 16

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 Baba's share of profit?

waec 2001

• A. N1,650,000
• B. N1,600,000
• C. N1,280,000
• D. N1,100,000

Question 17

Profits are recognised when goods are sold. What concept is this

waec 2001

• A. realization
• B. matching
• C. periodicity
• D. going concern

Question 18

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)

Gross profit is

waec 2001

• A. N70,000
• B. N60,000
• C. N50,000
• D. N40,000

Question 19

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)

Acid test ratio is

waec 2001

• A. 1.8 : 1
• B. 1.7 : 1
• C. 1.5 : 1
• D. 1.2 : 1

Question 20

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)

Percentage of net profit to sales is

waec 2001

• A. 40%
• B. 30%
• C. 20%
• D. 10%