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In a system of incomplete records, the opening capital is determined by preparing
Astatement of affairs
Bbalance sheet
Ccash book
Dtrial balance
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Question 12
waec2006
Which of the following is not used in solving problems of incomplete records?
Acontrol accounts
Bstatement of affairs
Ccash book
Dbalance sheet
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Question 13
waec2006
"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of
Abusiness entity
Bgoing concern
Crealization
Daccrual
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Question 14
waec2006
Revenue is recognized in the profit and loss account as soon as a
Adebtor pays what is due from him
Bsale of goods takes place and money is received
Csale of goods takes place whether or not money is received
Dsales of a fixed asset takes place
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Question 15
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
The excess of income over expenditure for the year was
ALe 16,500
BLe 11,500
CLe 9,500
DLe 6,500
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Question 16
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Subscriptions credited to the Income and Expenditure Account was
ALe 23,000
BLe 18,000
CLe 16,000
DLe 13,000
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Question 17
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Accumulated fund at the beginning of the year was
ALe 23,500
BLe 18,500
CLe 11,500
DLe 13,000
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Question 18
waec2006
Which of the following is not a debit item in a partnership appropriation account?
Aintereston drawings
Bpartner's salary
Cinterest on partner's capital
Dshare of profit
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Question 19
waec2006
A customers who returns goods to the supplier because they are detective is issued a
Adebit note
Bcredit note
Cdelivery note
Dbank note
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Question 20
waec2006
The unit which keeps government's books of accounts is the
Acentral Bank
BInternal Audit department
CTreasury Department
DAccountand General's Department
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Question 21
waec2006
Bank reconciliation statement reconciles
Abank and cash balances in cash book
Bbank balance in the cash book and bank statement balance
Ccash balance in the cash book and bank statement balance
Dbank balance brought down balance brought down and bank balance carried dowm in the cash book
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Question 22
waec2006
Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of
Asorting out
Blast in, first out
Cfirst in,first out
Dgarbage in, garbage out
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Question 23
waec2006
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Jaiteh's share of profit was
AD10,440
BD9,900
CD7,560
DD6,600
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Question 24
waec2006
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Ebima's share was
AD10,440
BD9,900
CD7,560
DD6,600
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Question 25
waec2006
Which of the following is not a source of revenue to a government?
Ataxation
Bsales of goods
Cimposition of fines
Dgrants
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Question 26
waec2006
In company accounts, profit after tax is shared in the
Aappropriation account
Brevaluation account
Ccurrent account
Drealization account
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Question 27
waec2006
Cross referencing among different books of accounts is achieved with the use of
Acolumns
Breference numbers
Cfolio
Dmargin
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Question 28
waec2006
A customers who returns goods to the supplier because they are detective is issued a
Adebit note
Bcredit note
Cdelivery note
Dbank note
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Question 29
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is
A₦0.88 kobo
B₦0.40 kobo
C₦0.20 kobo
D₦0.17 kobo
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Question 30
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is
