Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.
AN19,650
BN18,650
CN17,850
DNN16,850
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Question 1522
jamb1995
Which of the following accounting records are source documents?
AJournal and ledgers
BSales invoice and cash book
CCash book and debit note
Dsales invoice and debit note
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Question 1523
jamb1995
An effective accounting system should provide information
Aon new product and methods
Bfor cutomer feed back and requirement
Con internal and external reporting for managers and third parties
Dfor promoters, directors, labour union and distributors
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Question 1524
jamb1995
Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?
AAccrual concept
BConservatism concept
CPrudence concept
DMateriality concept
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Question 1525
jamb1995
which of the following factors has aided the development of accounting?
AThe emergence of nation states
BThe discovery of mineral resources in commercial quantity
Cthe growth in size of businesses and separation of ownership and management
Dthe development and management of sophisticated monetary system
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Question 1526
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
The working capacity is
AN42,000
BN60,000
CN68,000
Dn70,000
EN100,000
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Question 1527
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the equity capital?
AN100,000
BN120,000
CN160,000
DN180,000
EN220,000
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Question 1528
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the net total of assets
AN178,000
BN180,000
CN208,000
DN220,000
EN248,000
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Question 1529
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the ratio pf debentures to equity?
A1 : 1
B2 : 1
C3 : 1
D5 : 2
E6.8 : 7
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Question 1530
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the current ratio?
A1 : 1
B1 : 2
C3 : 1
D5 : 2
E6.8 : 7
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Question 1531
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The goods profit is
AN7,425
BN7425
CN7,625
DN7,925
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Question 1532
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods purchased?
AN22,095
BN22,395
CN22,765
DN23,665
EN23,965
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Question 1533
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The cost of goods available for sale is
AN21,375
BN22,095
CN22,395
DN23,595
EN25,165
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Question 1534
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods sold?
AN19,805
BN21,075
CN21,375
DN21,750
EN22,395
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Question 1535
waec1994
Deferred charges are also known as
Aaccrued expenses
Baccrued income
Cprepaid expenses
Dincome received in advance
Epreliminary expenses
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Question 1536
waec1994
Fixed assets include
Aprepayment
Bstock
Caccrual
Dland
Edebenture
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Question 1537
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method
AN3,250
BN3,562
CN3,656
DN3,750
EN4,062
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Question 1538
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500, Using the reducing balance method, what is the amount of depreciation for the second year?
AN1,313
BN1,4066
CN1,625
DN1,750
EN1,875
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Question 1539
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. Using the straight line method, what was the amount of depreciation charged per annum?
