Waec Accounting Past Questions For Year 2014
Question 31
The accounting ratio used to measure the average number of days for which suppliers remain unpaid is
- A. stock turnover
- B. creditor's payment period
- C. debtors collection period
- D. return on capital employed
Question 32
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
- A. Le 8,000
- B. Le 6,000
- C. Le 4,800
- D. Le 3,200
Question 33
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
- A. Le 6,000
- B. Le 4,800
- C. Le 4000
- D. Le 3,200
Question 34
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
The concept applied in calculating the stock figure to be included in the balance sheet at the year end is
- A. matching
- B. consistency
- C. prudence
- D. entiti
Question 35
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
Calculate the stock figure to be included in the balance sheet at the year end
- A. D408,000
- B. D346,000
- C. D284,000
- D. D62,000
