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Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?
A₦262,000
B₦224,000
C₦221,000
D₦176,000
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Question 13
waec2003
Rent owing by a business is shown in the
Atrading account
Btrial balance
Cbalance sheet
Dcash book
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Question 14
waec2003
The cost of raw materials consumed is determined in the Manufacturing Account as
Aopening stock plus purchases less closing stock
Bpurcheses plus closing stock less opening stock
Ccost of materials available plus closing stock
Dcost of materials available less opening stock
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Question 15
waec2003
Use the following information to answer the given
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Cost of sales for the year was
A₦19,800
B₦19,400
C₦18,400
D₦17,400
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Question 16
waec2003
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Purchases for the year was
A₦19,400
B₦19,000
C₦18,000
D₦17,000
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Question 17
waec2003
Which of the following items is found on he credit side of a sales Ledger Control Account?
Acredit sales
Bdebtors cheques dishonoured
Cinterest on overdue account
Dbad debts written off
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Question 18
waec2003
Which of the following is not a credit item in the sales ledger control account?
Acash paid
Bdiscount allowed
Cdishonoured cheque
Dreturns inward
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Question 19
waec2003
Using the following information,
\(\begin{array}{c|c} & ₦ \\ \hline \text{club house} & 375,000\\ \text{Furniture} & 250,000\\ \text{Sport kit} & 400,000 \\ \text{subscriptions prepaid} & 10,000\\ \text{Bar creditors} & 156,000 \\ \text{subscriptions owing} & 45,000\end{array}\)
What is the club's accumulated fund?
A₦924,000
B₦914,000
C₦904,000
D₦834,000
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Question 20
waec2003
Which of the following is found in a receipts and payments account?
Aaccruals
Bprepayments
Csepreciation of fixed assets
Dpurchase of fixed assets
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Question 21
waec2003
In a not-for-profit making organization, the cash book is summarized in the form of
Abalance sheet
Bincome and expenditure account
Creceipts and expenditure account
Dreceipts and pryments account
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Question 22
waec2003
A control account is
Aan imprest system
Ba statement of affairs
Ca bank reconciliation statement
Da self balancing ledger system
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Question 23
waec2003
The account that shows both the cash and bank transactions of an enterprise is
Aappropriation account
Btrading account
Cprofit and loss account
Dcash book
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Question 24
waec2003
Which of the following is a limitation of the money measurement concept?
Aefficient management is not disclosed
Bthere is no basis for comparison
Cinter-period comparison is impossible
Dit does not allow choice of methods
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Question 25
waec2003
The accounting concept that supports the application of double entry book-keeping is the
Agoing concern concept
Bdual aspect concept
Chistorical cost concept
Dconsistency concept
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Question 26
waec2003
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
Aina's current account balance is
A₦9,933
B₦9,533
C₦6,600
D₦3,933
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Question 27
waec2003
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
Ojo's share of profit for the year is
A₦21,067
B₦20,9333
C₦20,000
D₦19,067
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Question 28
waec2003
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
The divisible profit for the year
A₦31,600
B₦31,400
C₦904,000
D₦28,600
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Question 29
waec2003
Which of the following documents set out the internal regulations of a partnership?
Alaw
Bdeed
Cregulation
Dcode
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Question 30
waec2003
Which of the following brings a company into legal existence?
