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Senior High School · WASSCE style

Financial Accounting

Question 1

1Where there is no partnership agreement, profits and losses are usually shared

Easy

A. according to age B. in the ratio of capitals C. equally D. by the senior partner only

Question 2

2Interest on drawings is

Medium

A. charged to partners and added to profit available B. an expense C. a liability D. paid to partners

Question 3

3Interest on capital rewards partners for

Easy

A. the capital they invested B. drawings C. losses D. their work only

Question 4

4When a new partner pays for goodwill that is retained in the business, the old partners' capital accounts are

Hard

A. unchanged B. debited equally C. credited in their old profit-sharing ratio D. credited in the new ratio

Question 5

5A partner's current account records

Easy

A. fixed assets B. only capital introduced C. loans from banks D. salaries, interest, share of profit and drawings

Question 6

6Partners' salaries are shown in the

Easy

A. appropriation account B. cash book C. trial balance only D. income statement as expenses

Question 7

7The account that shows how a partnership's profit is divided among the partners is the

Easy

A. trading account B. realisation account C. suspense account D. appropriation account

Question 8

8The appropriation account of a partnership shows

Easy

A. assets bought B. gross profit C. how net profit is shared among partners D. cash received

Question 9

9Goodwill is

Easy

A. a liability B. a current asset C. cash at bank D. the value of a business's reputation above its net assets

Question 10

10A and B share profits equally after interest on capital at 10%. Capitals: A GH¢20,000, B GH¢10,000. Profit GH¢15,000. B's total share is

Hard

A. GH¢7,500 B. GH¢7,000 C. GH¢6,000 D. GH¢8,000

Answered0 / 10

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Unanswered questions count as wrong. Theory questions are not scored.

Demo questions written by Otisam in the style of the WASSCE. They are not WAEC past questions.

Past questions, worked solutions and curriculum-mapped study material for JHS and SHS students and teachers in Ghana.

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