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The document evidencing a disbursement of government fund is known as
Abill
Binvoice
Ctill book
Dpayment voucher
Elocal purchase order
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Question 1632
waec1991
The authorized share capital of a limited liability company is the number of shares
Aoffered for sale
Bcalled up
Capproved in the memorandum of association
Dsubscribed
Epaid up
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Question 1633
waec1991
Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to
AN2,300
BN2,200
CN2,000
DN1,800
EN1,700
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Question 1634
waec1991
Which of the following is in the personal Ledger?
Adiscount allowed account
Binterest received account
Ccash sales account
Ddebtors account
Eassets account
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Question 1635
waec1991
Discount allowed is a charge to
Atrading account
Bbalance sheet
Cprofit and loss account
Dprofit and lss appropriation account
Ecurrent account
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Question 1636
waec1991
N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are
Adebit Latifat's account, credit cash book with N100
Bcredit Latifat's account, debit cash book with N100
Ccredit Latifa's account, debit cash book with N200
Ddebit Latifat's account, credit cash book with N200
Ecredit Latifat's account, debit Suspense account with N200
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Question 1637
waec1991
Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date
Ai
Bii
Ciii
Di and ii
Ei and iii
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Question 1638
waec1991
Depreciation is
Aa charge for the wear and tear of a fixed asset
Bthe cost of replacing a fixed asset
Cthe loss incurred on the sale of a fixed asset
Dthe cost of repairs incurred on a fixed asset
Ethe increase in value of a fixed asset
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Question 1639
waec1991
The price paid for the purchase of for the purchase of a business is
Adebited to the cash account and credited to the vendor's account
Bcredited to the cash account and debited to the vendor's account
Ccredited to the business purchases account and debited to the assets account
Ddebited to the business purchase account and credited to the assets account
Ecredited to the cash account and debited to the assets account
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Question 1640
waec1991
Which of the following is related to debtors account?
Apurchases ledger
Bgeneral ledger
Cnorminal lesger
Dsales ledger
Eprivate ledger
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Question 1641
waec1991
Reccurrent expenditure of government is paid from
Areserved fund
Bconsolidated revenue fund
Cdevelopment fund
Dcontigencies fund
Epersonal fund
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Question 1642
waec1991
In government imprest system the amount reimbursed is the
Aactual amount spent
Bamount of the float
Camount spent above the float
Dbalance of the float
Esum of unreceipted vouchers
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Question 1643
waec1991
Preliminary expenses of a limited liability company are
Afixed assets
Bcurrent assests
Cfictitious assets
Dfictitious liability
Ecurrent liability
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Question 1644
waec1991
When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being
Aforfrited
Bissued at a discount
Cissued on prorata
Dissued at par
Eissued at a premium
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Question 1645
waec1990
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the beginning of the year?
AN12,590
BN13,740
CN20,668
DN21,610
EN32,742
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Question 1646
waec1990
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total cash received from customers?
AN19,092
BN19,700
CN20,668
DN21,002
EN21,610
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Question 1647
waec1990
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the net sales for the year?
AN21,610
BN21,068
CN20,668
DN20,642
EN34,742
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Question 1648
waec1990
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the end of the year?
AN12,590
BN13,740
CN20,668
DN21,610
EN34,742
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Question 1649
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
What is the amount charged in the profit and loss account?
A6,500
BN5,500
CN5,000
DN4,000
EN2,750
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Question 1650
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
Calculate the percentage of net profit on sales
