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\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Ibinabo's current account on 32st December, 1992 is
AN66,500
BN53,500
CN51,500
DN43,500
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Question 1482
waec1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Halima's current account on 31st December, 1992 is
AN66,500
BN53,300
CN51,500
DN43,500
EN33,500
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Question 1483
waec1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The shares of profit of each partners is
AN17,000
BN15,000
CN10,750
DN10,000
EN9,500
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Question 1484
waec1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The interest on Halima's capital is
AN10,000
BN6,000
CN4,0000
DN2,000
EN1,000
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Question 1485
waec1995
What are accounting entries for bad debts recovered?
Adebit debtor's account, credit bad debts recovered account
Bcredit debtor's account, debit bad debts recovered account
Cdebit debtor's credit sales account
Dcredit debtor's account, debit sales account
Ecredit cash account, debit sales account
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Question 1486
waec1995
Which of the following is capital expenditure?
Apurchase of stock
Ba purchase of motor vehicles for sale
Csubscriptionspaid
Dextension of building
Erepairs of generator
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Question 1487
waec1995
Which of the following does not lead to depreciation assets?
Awear and tear
Bpassage of time
Cdevaluation of Naira
Dobsolescence
Eusage
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Question 1488
waec1995
Expenses incurred but not yet paid is
Acontigent liability
Bcurrent liability
Ccurrent asset
Dfixed asset
Ecapiatal expenditure
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Question 1489
waec1995
The chief accounting officer of Nigeria is called the
Aauditor general
Bchief accountant
Ctreasurer
Daccountant general
Eminister of finance
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Question 1490
waec1995
Which of the following is not true of a trial balance?
Alist taken of the account balance in the general ledger
Bproof of the arithmetical accuracy of the ledger postings
Csummary of data for the preparation of financial statement
Dlist of account abstracted from a subsidiary ledger to check their agreement with the related control account
Elist of balances ensuring that the accounts are correct
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Question 1491
waec1995
Which of the following does not relate to a manufacturing concern?
Abalance sheet
Bprofit and loss account
Cledger account
Dcash book
Eincome and expenditure
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Question 1492
waec1995
Expenditure incurred to maintain an asset's earning capacity is called
Acapacity expenditure
Brevenue expenditure
Cgeneral expenditure
Dtangible expenditure
Eintangible expenditure
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Question 1493
waec1995
Which of the following is a fictitious asset?
Apreliminary expenses
Bfixtures and fittings
Ccash in hand
Dland and buildings
Einvestment
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Question 1494
waec1995
In the consignee's record account, the accounting treatment of expenses paid for on behalf of the consignor is debit
Which of the following does a consignee prepare and send to his consignor?
Aaccount eceivable
Bcurrent account
Caccount payable
Daccount sales
Econsignment account
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Question 1496
waec1995
The aggregate of amounts owed to a business by is customers is known as
Aaccounts receivable
Baccount current
Caccounts payable
Daccumulated fund
Edebtors' fund
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Question 1497
waec1995
The maximum amount which a company can raise by way of selling share is
Aissued capital
Bworking capital
Cpaid-up capital
Dshareholders capital
Eauthorized capital
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Question 1498
waec1995
A fund established for the payment of minor expenses is
Acash discount
Bcash flow
Cpetty cash
Daccumulated fund
Ereserve
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Question 1499
waec1995
Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque
Ai and v
Bi and ii
Cii, ii and iii
Di and iv
Ei, iv and v
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Question 1500
waec1995
When a business is purchased, the double entries required in the purchaser's book are debit,
Avenfdor's account and credit purchase of business account
Basset account and credit purchases of business account
