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Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
AN800
BN1000
CN1800
DN2000
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Question 1042
jamb2005
A rent received by a trader for sub-letting part of his business premises should be added to the?
Agross profit
Btotal profit
Cnet profit
Dtotal revenue
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Question 1043
jamb2005
In a three-column cash book,the discount allowed is shown on the?
Adebit side
Bcredit side
Cfolio column
Dmemorandum column
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Question 1044
jamb2005
five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Liabilities..............N23,700
Current assets...........N20,300
Fixed assets.............N64,500
What is the capital introduced by the proprietor?
AN40,800
BN61,100
CN88,200
DN108 500
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Question 1051
jamb2005
The journal entries for the purchase of stock on credit are to debit?
Astock account and credit cash account
Bstock account and credit liability account
Courchase account and credit liability account
Dsuspense account and credit cash account
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Question 1052
jamb2005
The concept that has much influence over asset valuation and income determination is?
Aentity
Brealization
Cconversactism
Dmatching
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Question 1053
jamb2005
The double principle of accounting was developed by?
AFrank Wood
BLuca Pacioli
CAkintola Williams
DWilliam Pickles
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Question 1054
waec2004
A fixed amount of money set aside for petty expenses is
Aimprest
Bfloat
Creceipt
Dfund
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Question 1055
waec2004
The transfer of goods between departments is recorded be debiting
Athe receiveing department and crediting the giving department
Bthe giving department and crediting the receiving department
Cstock account and crediting trading account
Dtrading account and crediting purchases account
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Question 1056
waec2004
Which of the following is not a unit of the computer?
Aconsole
Boutput
Ccontrol
Dinput
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Question 1057
waec2004
Computer programmes are
Amicro processors
Bsoftware
Chardware
Dmemory
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Question 1058
waec2004
Capital at start was N280,000, while at the end of the year was N485,000 and drawings during he year was N15,000. What is profit for the year?
AN265,000
BN220,000
CN205,000
DN190,000
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Question 1059
waec2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
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Question 1060
waec2004
A statement that measures the performance of a business over a period of time is the
