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Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Sales for the year amounted to
AN12,625
BN12,000
CN11,300
DN11,200
EN10,100
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Question 1622
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is
AN2,800
BN2,525
CN2,500
DN2000
EN1,750
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Question 1623
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Cost of sales is
AN10,100
BN10,000
CN9,200
DN9,100
EN7,000
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Question 1624
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to
AN10,000
BN8,000
CN7,000
DN6,900
EN5,000
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Question 1625
waec1991
Which of the following is not a liability?
Aaccrued wages
Bcreditor
Cprepayment
Dinsurance due but unpaid
Erent arrears
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Question 1626
waec1991
A delivery van was bought on credit. The transaction would be entered by the customer first in the
Apurchases day book
Bsales day book
Creturns inwards book
Dreturns outwards book
Ejournal proper
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Question 1627
waec1991
Accounting term used to describe the excess of current assets over current liabilities is
Ashared capital
Bworking capital
Csucscribed capital
Dreserve capital
Eloan capital
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Question 1628
waec1991
Payment of salaries to partners is
Aa charge to profit and loss account
Ba charge to trading account
Can appropriation of divisible profit
Dan appropriation of interest on capital
Ean appropriation of interest on current account
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Question 1629
waec1991
A business which converts raw materials to finished goods prepares
Atrading account and balance sheet
Bprofit and loss account and balane sheet
Cbalance sheet only
Dtrading profit and loss account and balance sheet
Emanufacturing, trading, profit and loss account and balance sheet
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Question 1630
waec1991
Which of the following statements is not true of a non-profit making organization?
Aincome and expenditure account is prepared
Bincome and expenditure account excludes accruals and prepayments
CIncome and expenditure account excludes capital receipts and capital payments
Dreceipts and Payments account is a substitute for expenditure account
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Question 1631
waec1991
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
Acosolidated fund
Brecurrent fund
Caccumulated fund
Dworking capital
Egeneral reserve
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Question 1632
waec1991
The trading Account is usually headed
Afor the year ended............19 x 1
Bfor............19 x 1
Cas.............19 x 1
Das at.........19 x 1
E...................19 x 1
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Question 1633
waec1991
Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases
Ai
Bii
Ciii
Di, ii and iii
Ei and ii
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Question 1634
waec1991
The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?
AN42,500
BN40,500
CN40,000
DN38,000
EN32,000
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Question 1635
waec1991
In a manufacturing organization, which of the following expenses does not elate to cost of production?
Amaterials consumed
Bdirect labour
Cdirect overhead
Dadministration overhead
Ework-in-progress
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Question 1636
waec1991
Carriage outwards is accounting term for amount spent on
Agoods purchased
Bgoods sold
Cexcess stock
Dgoods for production
Egoods returned to stock
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Question 1637
waec1991
Capital is the
Aliability of tthe business to its proprietor
Bmoney owed by the company to others
Cmoney owed to the company by others
Dtotal of the long-term liabilities
Etotal of the short-term liaqbilities
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Question 1638
waec1991
If the Opening stock is undervalued
Agoods available would be understated and gross profit overstated
Bgoods available and gross profit would be understates
Cgoods available would be overstated and gross profit understated
Dgross profit and goods available would be overstated
Ecost of goods sold would be overstated
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Question 1639
waec1991
Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance
Ai
Bii
Ciii
Di and ii
Eii and iii
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Question 1640
waec1991
The authority of the accountant-General to disburse from government fund is called
