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Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\)
New provision for bad debts to stand at 5% of debtors. In the balance sheet, the net figures for the profit is
AN47,025
BN46,550
CN45,600
DN45,500
EN43,225
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Question 1452
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Gross profit is
AN8,300
BN8,200
CN7,700
DN7,600
EN7,100
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Question 1453
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Net sales is
AN14,100
BN14,000
CN13,500
DN12,900
EN9,300
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Question 1454
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Cost of sales is
AN10,000
BN9,500
CN5,800
DN5,300
EN5,200
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Question 1455
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
The working capital is
AN10,000
BN9,700
CN7,300
DN7,000
EN2,700
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Question 1456
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
Total liabilities amount to
AN17,000
BN14,700
CN12,300
DN7,000
EN4,700
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Question 1457
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total net assets?
AN17,300
BN17,000
CN15,000
DN14,700
EN12,000
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Question 1458
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total assets?
AN17,300
BN17,000
CN15,000
DN14,700
EN12,000
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Question 1459
waec1996
Discount allowed is a charge made against
Atrading account
Bprofit and loss acount
Capproration account
Dcurrent account
Enominal account
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Question 1460
waec1996
Which of the following is not a debit entry in the Bought Ledger?
Acash
Bdiscount received
Cpurchases
Dreturns outeards
Ebills payable
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Question 1461
waec1996
A document which acknowledges that a company owes a named person a stated sum of money with the promise that a stated interest rate will be paid periodically is called
Ashare certificate
Bpreference certificate
Cdebenture certificcate
Dallotment certificate
Ecall certificate
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Question 1462
waec1996
Which of the following is used where virement is not possible and where an application for additional provision reveals a degree of urgency?
Areserved expenditure warrant
Bprovisional general warrant
Ccontigncie warrant
Dsupplementary general warrant
Evirement warrant
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Question 1463
waec1996
Which of the following is used before the appropriation bill is approved?
Asupplementary general warrant
Bprovisional general warrant
Creserved expenditure warrant
Dvirement warrant
Esupplementary statutory expenditure warrant
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Question 1464
waec1996
The portion of the authorizes capital which has been allotted to members is
Auncalld capital
Bpaid-up capital
Cissued capital
Dauthorized capital
Eunissued capital
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Question 1465
waec1996
Which of the following does not belong to the group?
Afurniture and fittings
Bplant and machinery
Cbuilding
Ddebtors
Egeneral reserve
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Question 1466
waec1996
The cash realized from the sale of asset on dissolution of partnership is
Adebited to cash account and credit to asset account
Bcredited to cash account and debited to asset account
Cdebited to cash account and credited realisation account and credited to realisation account
Dcredited to cash account and debited to realisation account
Edebited to realisation account abnd credited to asset account
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Question 1467
waec1996
Which of the following is a charge against profit?
Aordinary dividend
Bgeneral reserve
Cpreference dividend
Ddebenture interest
Erevenue reserve
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Question 1468
waec1996
Impersonal Accounts contain
Areal and cash accounts
Bcapital and nominal accounts
Creal and normal accounts
Dinvestment and real accounts
Einterest received and real account
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Question 1469
waec1996
Which of the following does not appear in a bank statement?
