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Use the following to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)
Closing creditors figure is
A₦115,500
B₦110,000
C₦95,500
D₦44,500
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Question 2
waec2008
Use the following to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)
Closing debtors figure is
A₦140,000
B₦134,500
C₦80,000
D₦69,000
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Question 3
waec2008
Which of the following is not an instrument for controlling public expenditure?
Aconstitution
Bfinancial regulation
Cbudget
Dmemorandum
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Question 4
waec2008
Which of the following is a norminal account?
Abank account
Bcash account
Csales account
Dstock account
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Question 5
waec2008
Trade creditors personal accounts are found in the
Apurchases ledger
Bsales ledger
Cgeneral ledger
Dsales day book
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Question 6
waec2008
Which of the following is a storage device?
Adiskette
Bkey board
Cprinter
Dmonitor
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Question 7
waec2008
The practice of identifying with one constant approach where a number of approach exist for solving an accounting problem is the convention of
Aconservatism
Bconsistency
Cprudence
Dmateriality
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Question 8
waec2008
Repairs to air conditioners was debited to office equipment account. This is an error of
Aprinciple
Bcommission
Coriginal entry
Dcompensation
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Question 9
waec2008
Carriage inwards is posted to
Atrading account
Bprofit and loss account
Cappropriate account
Dbalance sheet
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Question 10
waec2008
The entries to record goods bought for cash are: debit
Acash account; credit purchases account
Bpurchases account ; credit cash account
Cpurchases account; credit stock account
Dpurchases account; credit goods account
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Question 11
waec2008
Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \\ \hline \text{Turn over} & ₦100,00 & ₦80,000\\ \text{Commission} & ₦3,600 & & \\ \text{Rent} & ₦6,000 & & \\ \text{Flor space}& & 200m^2 & 100m^2 \end{array}\)
Rent apportioned to Department B is
A₦4,000
B₦3,600
C₦2,000
D₦1,600
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Question 12
waec2008
Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \\ \hline \text{Turn over} & ₦100,00 & ₦80,000\\ \text{Commission} & ₦3,600 & & \\ \text{Rent} & ₦6,000 & & \\ \text{Flor space} & & 200m^2 & 100m^2 \end{array}\)
How much commission was apportioned to Department a?
A₦9,600
B₦3,600
C₦2,000
D₦1,600
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Question 13
waec2008
Which of the following is an advantage of the imprest system?
Arewarding the imprest holder
Breducing the burden of petty cashier
Crreimbursting the petty cashier regularly
Dreducing the posting for small expenses into the main ledger
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Question 14
waec2008
A merchant paid ₦180,000 on rent for 18 months bu charged ₦120,000 to profit and loss account for the year. The concept applied is
Abusiness entity
Bgoing concern
Caccrual
Dmateriality
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Question 15
waec2008
An approach for discovering missing figures in incomplete records is the use of
Acash book
Bcontrol accounts
Ctrading accounts
Dbalance sheets
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Question 16
waec2008
When provision is made for doubtful doubt, the accounting entries are
Adebit profit and loss account; credit provision for doubtful debt account
Bdebit debtors account; credit trading account
Cdebit profit and loss accoun; credit sales accoun
Ddebit trading account; credit debtors account
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Question 17
waec2008
In bank reconciliation, when a cash book shows a credit balance, uncredited cheques are i. deducted from the cash book balance. ii. added to the bank statement balance. iii. added to the cash book balance
Ai and ii only
Bi,ii and iii
Cii and iii only
Diii only
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Question 18
waec2008
Use the following information,
\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinking of boreholes} & 100,000\\ \text{Staff salaries} & 150,000\\ \text{Electricity} & 14,000 \\ \text{Transport and travels} & 7000\\ \text{office expenses} & 9,000 \end{array}\)
Capital expenditure is
AD780,000
BD750,000
CD600,000
DD500,000
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Question 19
waec2008
Use the following information,
\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinking of boreholes} & 100,000\\ \text{Staff salaries} & 150,000\\ \text{Electricity} & 14,000 \\ \text{Transport and travels} & 7000\\ \text{office expenses} & 9,000 \end{array}\)
Recurrent expenditure is
