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Provision for discount on debtor on debtors is to be
Adebited to profit and loss account
Bcreit to profit and loss discount
Cdebit to debtors account
Ddebited to provision for bad debts account
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Question 1363
waec1998
Payment for shares in excess of amount demanded gives rise to
Adividend warrant
Brevenue reserve
Ccapital reserve
Dcall-in-advance
Ecall-in-arrears
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Question 1364
waec1998
Goods worth N800 was stolen. The double entries are, debit,
Apurchases account, credut trading account
Btrading account, credit purchases account
Cprofit and loss account, credit purchases account
Dprofit and loss account, credit purchases account
Ecapital account, credit purchasses account
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Question 1365
waec1998
When a fixed asset is fully depreciated, its net book value is
Aequal to its original cost
Btwice its original cost
Cequal to its current market value
Dthe difference between its cost and market value
Eequal to zero
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Question 1366
waec1998
To realize an asset means to
Aclose its account in the ledger
Bgive it out as a collateral
Cturn it to cash
Dopen its account in the ledger
Emortage it
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Question 1367
waec1998
Uche returned goods worth N1,500 to Udo. Uche should receive
Aan invoice
Ba statement of account
Ca debit note
Da credit note
Egoods received note
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Question 1368
waec1998
Which of the following is/are true? i. depreciation charges increase profits ii. reduction in provision for bad debt increases profit iii. undervalued stock increases profits
Aii and iii
Bi and iii
Ciii
Dii
Ei
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Question 1369
waec1998
Accounts payable is
Aan accrual
Ba provisin
Ca current liability
Da long-term liability
Ea current asset
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Question 1370
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of total fixed assets is
AN119,500
BN90,000
CN80,000
DN79,200
EN68,300
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Question 1371
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The opening capital is
AN52,2000
BN51,200
CN48,300
DN39,500
EN28,000
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Question 1372
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current liabilities is
AN56,5000
BN40,300
CN39,500
DN28,000
EN22,000
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Question 1373
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current assets is
AN68,300
BN57,000
CN40,300
DN39,500
EN34,000
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Question 1374
waec1998
Which of the following has a debit balance? i. calls-in-arrears ii. cash-in-advance iii. share discount
Ai
Bii
Ciii
Dii and iii
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Question 1375
waec1998
Which of the following is the personal ledger?
Aassets account
Bdiscount allowed account
Csales account
Ddiscount received account
Edebtors account
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Question 1376
waec1998
Partners salary is shown in the
Atrading account
Bprofit and loss account
Cincome and expenditure
Dprofit and loss appropriation account
Epartner's capital account
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Question 1377
waec1998
Which of the following is not a Nominal Account?
Aelectricity account
Bfurnitures and fittings account
Cpostages and telephone account
Dinsurance account
Ediscount allowed account
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Question 1378
waec1998
A balance sheet is prepared
Afor the year ended...........19 x 1
Bfor............19 x 1
Cas to.............19 x 1
Din the year..............19 x 1
Eup to...........19 x 1
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Question 1379
waec1998
Which of the following is n asset?
Abad debt provision
Brent in arrears
Csales
Daccrued wages
Einsurance prepaid
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Question 1380
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The stock turnover is
