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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 turn-over for he year?
AN27,500
BN26,500
CN25,500
DN24,500
EN22,000
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Question 1642
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
The gross profit for the year for the year is
AN6,625
BN6,250
CN6,000
DN5,500
EN5,000
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Question 1643
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 stock turn-over rate?
A3 times
B3.3 times
C3.5 ttimes
D4 times
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Question 1644
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
The purchases for the year is
AN20,000
BN21,000
CN22,000
DN24,000
EN25,000
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Question 1645
waec1990
Which of the these entries is wrong
PURCHASES ACCOUNT
\(\begin{array}{c|c} & N & & N \\ \hline \text{A. Balance b/f} & 130 & \text{E. Balance c/d} & 1,030 \\ \text{B.Furniture} & 300 & & \\ \text{C. Cash} & 200 & & \\ \text{D. T.Ramoni} & 400 & & \\ \text{Total} & 1,030 & & 1,030
\end{array}\)
AA
BB
CC
DD
EE
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Question 1646
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
If Mr. A.F.P. failed to settled his account in time, th3 amount due from him would be
AN13.200
BN12,000
CM10,800
DN10,200
EN9,180
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Question 1647
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
If Mr. A.F.P. settled his account after 30 days of the delivery, his total discount would be
AN1,020
BN1,200
CN10,800
DN2,820
EN10,800
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Question 1648
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
If Mr. A.F.P settled his account a week after delivery, his total discount would be
AN10,200
BN2,820
CN1,800
DN1,200
EN10,200
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Question 1649
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
The amount of discount in the ledger is
AN10,200
BN2,820
CN1,800
DN1,200
EN1,020
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Question 1650
waec1990
motor car costing N10,000 was depreciated at 20 per cent anuum by the diminishing balance method. Two years late, it was sold for N6,000. The net result of the sale was
AN6,400 profit
BN6,000 loss
CN4,000 loss
DN400 profit
EN400 loss
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Question 1651
waec1990
The straight-line depreciation is
Aa fixed sum set aside for the replacement of the asset
Ba fixed percentage of the balance of the asset at the end of the year
Can estimated amount each year
Dan inctease in the value of the asset
Ea fixed percentage of the cost of the asset written off each year
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Question 1652
waec1990
When precision for depreciation account is maintained, the annual charge for depreciation shall be
Adebited to the provision account and credited to profit and loss account
Bdebited to the asset account and credited to profit and loss account
Cdebited to profit and loss account and credited provision account
Ddebited to the asset account and credited to the provisio account
Edebiited to theprovisiom account and credited to the asser account
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Question 1653
waec1990
What are the entries of posting credit purchases into the purchases ledger control account?
Adebt purchases ledger control accoun only
Bdebit both purchases account and purchases ledger control account
Ccredit purchases acount, debit purcases ledger control account
Dcredit both purchases ledger control account and the purchases accunt
Edebit purchases account, credit purchases ladger control account
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Question 1654
waec1990
The balance of the sales account is transferred to the trading account by
Adebiying the profit and loss account
Bdebiting the trading account
Cdebiting the sales account
Dcrediting the profit and loss account
Ecrediting the sales account
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Question 1655
waec1990
Commission received is entered on the
Acredit side of the profit and loss account
Bcredit side of the trading account
Ccredit side of the cash book
Ddebit side of the profit and loss account
Edebit side of thetrading account
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Question 1656
waec1990
The salary of a shop keeper who sells goods would be charged in the
Abalance sheet
Bsales account
Cprofit and loss account
Dtrading account
Emanufacturing account
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Question 1657
waec1990
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. The value of goods available for sale will be
A3,186
BN2,255
CN2,175
DN2,055
EN1,935
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Question 1658
waec1990
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold
AN3,186
BN2,866
CN2,255
DN2,175
EN1,935
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Question 1659
waec1990
Carriage inwards is shown on the
Adebit side of the profit and loss account
Bcredit side of the trading account
Cdebit side of the trading account
Dcredit side of the profi and loss account
Edebit side of the cash book
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Question 1660
waec1990
A balance of N102 on waged account was transferred as N120. This is error of
