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use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & -Salaries & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
Additional Information (i) No closing stock
(ii) Common expenses are to be shared in the ratio sales
The profit of the Stationery Department is
AN1,880
BN1,600
CN880
DN520
EN280
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Question 1402
waec1997
use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & \text{-Salaries} & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
Additional Information (i) No closing stock
(ii) Common expenses are to be shared in the ratio sales
The net profit of Footwares Department is
AN1,880
BN1,600
CN880
DN520
EN280
View Explanation & Discuss
Question 1403
waec1997
Use the following information to answer the given question
Kudi Local Government Council incurred the following expenditure in 1995:
\(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\)
The amount of revenue expenditure for 1995 was
AN26,000
BN230,000
CN220,000
DN22,000
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Question 1404
waec1997
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
The balance of 450 in the above accounts represents
Atrading account item
Bprofit and loss account item
Ccurrent asset
Dcurrent liability
Eprovision for discount on creditors
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Question 1405
waec1997
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
"Y" represents
Asales
Bpurchases
Creturns outwards
Dreturn inwards
Ediscount allowed
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Question 1406
waec1997
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balance b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
How much "X" ?
AN3,480
BN2,520
CN1,800
DN1,320
EN1,200
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Question 1407
waec1997
Which of the following is not a revenue receipt?
AReceipt from sales of goods
BRent from premises sublet
CInterest on savings account
Dcash on sale of fixed asset
EReceipt from trade debtors
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Question 1408
waec1997
Which of the following serves the same purpose as a Trading Account?
ABranch Adjustment Account
BGoods sent to Branch Accout
CBranch Stock Account
DBranch Debtors Account
EBranch Returns Account
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Question 1409
waec1997
When a share is sold for less than its nominal value, the difference is called
Adiscount
Breserve
Cpremium
Dloss
Egoodwill
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Question 1410
waec1997
Use the following information to answer this question
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The amount of goodwill was
AN4,000
BN3,000
CN2,000
DN1,6000
EN1,000
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Question 1411
waec1997
Use the following information to answer this question
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The purchase consideration was
AN24,000
BN23,000
CN20,000
DN15,000
EN8,000
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Question 1412
waec1997
Which of the following is a factory overhead?
Acarriage on raw materials
Bpurchase of raw materials
Cproduction wages
Ddirect expenses
Edepreciation of factory equipment
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Question 1413
waec1997
Rent receivable is a
Acurrent asset
Bcurrent liability
Ccontingent liability
Dficititous asset
Eprovision
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Question 1414
waec1997
Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing
ATotal Debtors and Creditors Accounts
BBank Reconciliation Statement
CStatement of Affairs
DTrading, Profit and Loss Accounts
EBalance Sheet
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Question 1415
waec1997
Which of the following best described the path of a transaction?
ASource documents to Journal to Ledger
BSource documents to Ledger to Journal
CJournal to Ledger to source documents
DJournal to source documents to Ledger
ELedger to Joural to source documents
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Question 1416
waec1997
The amount of a company's profit given to a shareholder is known as
Apremium
Bdividend
Cinsterst
Dallotment
Ewarrant
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Question 1417
waec1997
The person who is responsible for the formation of a company is called the
Apromoter
Bdividend
Cshareholder
Ddirector
Esubscriber
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Question 1418
waec1997
The amount for which a business is sold is known as
Agoodwill
Bcapital reserve
Cpurchase consideration
Dpremium
Eequity
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Question 1419
waec1997
An expense becomes an accrual because it
Ais due for payment
Bis a Profit and Loss Account item
Cis a Trading Account item
Dis to be paid within the next one year
Emust appear in the balance sheet
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Question 1420
waec1997
Use the following information to answer this question
Kudi Local Government Council incurred the following expenditure in 1995:
N
Payment of salaries 140,000
Purchase of drugs for dispensaries 80,000
Purchase of books for Library 30,000
Sinking of wells 70,000
Extension of Council offices 160,000
