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Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Working capital amounts to
AN51,000
BN50,000
CN23,000
DN22,000
EN11,000
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Question 2
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Current assets amount to
AN51,000
BN50,000
CN23,000
DN22,000
EN11,000
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Question 3
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Capital employed is
AN130,000
BN115,000
CN99,000
DN90,000
EN84,000
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Question 4
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\)
New provision for bad debts to stand at 5% of debtors. The total amount of bad debts to be charges as expense in the profit and Loss Account is
AN2,500
BN2,000
CN1,500
DN1,200
EN1,000
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Question 5
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\)
New provision for bad debts to stand at 5% of debtors. In the balance sheet, the net figures for the profit is
AN47,025
BN46,550
CN45,600
DN45,500
EN43,225
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Question 6
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Gross profit is
AN8,300
BN8,200
CN7,700
DN7,600
EN7,100
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Question 7
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Net sales is
AN14,100
BN14,000
CN13,500
DN12,900
EN9,300
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Question 8
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Cost of sales is
AN10,000
BN9,500
CN5,800
DN5,300
EN5,200
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Question 9
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
The working capital is
AN10,000
BN9,700
CN7,300
DN7,000
EN2,700
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Question 10
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
Total liabilities amount to
AN17,000
BN14,700
CN12,300
DN7,000
EN4,700
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Question 11
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total net assets?
AN17,300
BN17,000
CN15,000
DN14,700
EN12,000
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Question 12
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total assets?
AN17,300
BN17,000
CN15,000
DN14,700
EN12,000
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Question 13
waec1996
Discount allowed is a charge made against
Atrading account
Bprofit and loss acount
Capproration account
Dcurrent account
Enominal account
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Question 14
waec1996
Which of the following is not a debit entry in the Bought Ledger?
Acash
Bdiscount received
Cpurchases
Dreturns outeards
Ebills payable
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Question 15
waec1996
A document which acknowledges that a company owes a named person a stated sum of money with the promise that a stated interest rate will be paid periodically is called
Ashare certificate
Bpreference certificate
Cdebenture certificcate
Dallotment certificate
Ecall certificate
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Question 16
waec1996
Which of the following is used where virement is not possible and where an application for additional provision reveals a degree of urgency?
Areserved expenditure warrant
Bprovisional general warrant
Ccontigncie warrant
Dsupplementary general warrant
Evirement warrant
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Question 17
waec1996
Which of the following is used before the appropriation bill is approved?
Asupplementary general warrant
Bprovisional general warrant
Creserved expenditure warrant
Dvirement warrant
Esupplementary statutory expenditure warrant
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Question 18
waec1996
The portion of the authorizes capital which has been allotted to members is
Auncalld capital
Bpaid-up capital
Cissued capital
Dauthorized capital
Eunissued capital
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Question 19
waec1996
Which of the following does not belong to the group?
Afurniture and fittings
Bplant and machinery
Cbuilding
Ddebtors
Egeneral reserve
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Question 20
waec1996
The cash realized from the sale of asset on dissolution of partnership is
Adebited to cash account and credit to asset account
Bcredited to cash account and debited to asset account
Cdebited to cash account and credited realisation account and credited to realisation account
Dcredited to cash account and debited to realisation account
Edebited to realisation account abnd credited to asset account
