Waec Accounting Past Questions For Year 2016
Question 26
Use the following information to answer this question.
Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211
The credit purchases is
- A. D 161,841
- B. D 156,986
- C. D 134,673
- D. D 132,200
Question 27
Partly manufactured goods are treated in the balance sheet of a manufacturing company as
- A. Current assets
- B. Fixed assets
- C. Current liabilities
- D. Long term liabilities
Question 28
In preparing partnership accounts, interest on drawings is debited to current accounts and credited to
- A. Capital account
- B. Appropriation account
- C. Drawings account
- D. Profit and loss account
Question 29
In the absence of a partnership agreement, additional capital contributions by partners attract interest of
- A. 5%
- B. 10%
- C. 12%
- D. 15%
Question 30
Where fixed capitals are maintained in a partnership, share profits are
- A. Credited to partners capital accounts
- B. Credited to partners current accounts
- C. Debited to partners capital accounts
- D. Debited to partners current accounts
