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Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Gross profit is
AN10,350
BN10,200
Cn9,500
DN9,100
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Question 1261
waec2000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
The cost of goods sold is
AN5,350
BN5,150
CN4,500
DN4,250
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Question 1262
waec2000
a list of all credit and debit balance from the ledger accounts is
Atrial balance
Bprofit and loss statement
Cstatement of affairs
Dbalance sheet
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Question 1263
waec2000
Which of the following accounts has a debit balance?
Acapital reserve
Brevenue reserve
Cshare premium
Dshare discount
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Question 1264
waec2000
How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?
AN1,250
BN1,200
CN1,000
DN250
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Question 1265
waec2000
Bills receivable is a
Acurrent liability
Bcurrent asset
Clong-term liability
Dfictitious asset
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Question 1266
waec2000
The double entry for increasing provision for bad debt is debit
Adebtor's account, credit provision for bad debt account
Bprofit and loss account, credit debtor's account
Cdebtor's account, credit profit and loss acount
Dprofit and loss account, credit provision for bad debt account
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Question 1267
waec2000
Which of the following is not an example of input device?
Acard reader
Bkeyboard
Cvisual display unit
Dcentral processing unit
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Question 1268
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?
AN1,000 profit
BN500 profit
CN500 loss
DN1,000 loss
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Question 1269
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. Using the straight line method, what is the amount of depreciation charged per annum?
AN9,000
BN5,500
CN4,000
DN3,500
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Question 1270
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?
