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Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
The working capacity is
AN42,000
BN60,000
CN68,000
Dn70,000
EN100,000
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Question 2
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the equity capital?
AN100,000
BN120,000
CN160,000
DN180,000
EN220,000
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Question 3
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the net total of assets
AN178,000
BN180,000
CN208,000
DN220,000
EN248,000
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Question 4
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the ratio pf debentures to equity?
A1 : 1
B2 : 1
C3 : 1
D5 : 2
E6.8 : 7
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Question 5
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the current ratio?
A1 : 1
B1 : 2
C3 : 1
D5 : 2
E6.8 : 7
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Question 6
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The goods profit is
AN7,425
BN7425
CN7,625
DN7,925
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Question 7
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods purchased?
AN22,095
BN22,395
CN22,765
DN23,665
EN23,965
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Question 8
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The cost of goods available for sale is
AN21,375
BN22,095
CN22,395
DN23,595
EN25,165
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Question 9
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods sold?
AN19,805
BN21,075
CN21,375
DN21,750
EN22,395
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Question 10
waec1994
Deferred charges are also known as
Aaccrued expenses
Baccrued income
Cprepaid expenses
Dincome received in advance
Epreliminary expenses
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Question 11
waec1994
Fixed assets include
Aprepayment
Bstock
Caccrual
Dland
Edebenture
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Question 12
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method
AN3,250
BN3,562
CN3,656
DN3,750
EN4,062
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Question 13
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500, Using the reducing balance method, what is the amount of depreciation for the second year?
AN1,313
BN1,4066
CN1,625
DN1,750
EN1,875
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Question 14
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. Using the straight line method, what was the amount of depreciation charged per annum?
AN1,313
BN1,406
CN1,625
DN1,750
EN1,875
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Question 15
waec1994
Patent and Trade mark are classified under
Afixed assets
Bcurrent assets
Cintangible assets
Dwasting assets
Einvestments
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Question 16
waec1994
John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?
Adebit plant account, credit current account
Bdebit current account, credit plant account
Ccredit plannt account, credit profit and loss account
Ddebit profit and loss account, credit plant account
Edebit plant account, credit capital account
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Question 17
waec1994
Goods purchased for N92 was entered in the books as N29. This is an error of
Acompensation
Bomission
Ccommission
Dprinciple
Eoriginal entry
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Question 18
waec1994
A typewriter for office use sold for N5,000 was posted to sales account. This is an error of a
Aomission
Bcompensation
Ccommission
Dprinciple
Eoriginal entry
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Question 19
waec1994
Purchase of goods for N1,000 from chukwu had been entered in Cukwura's account. This is an error of
Aomission
Bcompensation
Ccommission
Dprinciple
Eoriginal entry
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Question 20
waec1994
Sale of goods for N500 to Eddy was not posted. This is an error of
