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Acredited to cash accounted to cash account and debited to vendor's account
Bdebited to cash account and credited to Vendor's Account
Cdebited to business purchase Account and credited to Asset Account
Dcredited to cash Account and debited to Asset Account
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Question 12
waec2002
The financial plan of the government for a year is contained in the
Aanalysis book
Bgazette
Cbudget
Dvote
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Question 13
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of fixed assets is
AN57,300
BN47,500
CN40,000
DN37,500
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Question 14
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The opening capital is
AN32,000
BN26,000
CN25,600
DN14,000
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Question 15
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is
AN28,500
BN20,150
CN19,750
DN17,000
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Question 16
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current liabilities is
AN32,750
BN20,150
CN19,750
DN11,000
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Question 17
waec2002
Into how many types can general purpose computers be classified?
Athree
Bfour
Cfive
Dsix
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Question 18
waec2002
The amount for which a business is sold is
Apurchase consideation
Bpremium
Ccapital reserve
Dgoodwill
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Question 19
waec2002
When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately
Aon pro-rate
Bat discount
Cat par
Dat premium
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Question 20
waec2002
The document authorising an officer to incur expenditure is known as
Avirement
Bbudget
Cwarrant
Dvote
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Question 21
waec2002
The total of the purchases day book is posted to the purchases account in the
Apurchases ledger
Bgeneral ledger
Cprivate ledger
Dnominal ledger
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Question 22
waec2002
The capital sum which represents the difference between he asset and liabilities of a society or club is
Aworking capital
Baccumulated fund
Cconsilidated fund
Dreserved capital
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Question 23
waec2002
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
AN24,000
BN21,000
CN18,000
DN9,000
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Question 24
waec2002
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is
AN48,000
BN39,000
CN36,000
DN21,000
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Question 25
waec2002
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was
AN39,000
BN16,000
CN14,000
DN12,000
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Question 26
waec2002
Which of the following is not an accounting concept?
Aentity
Bgoing-concern
Cconsistency
Dhistorical cost
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Question 27
waec2002
The double entry for refund of unsuccessful application monies is debit
Aapplication for shares account, credit bank account
Bbank account, credit application for shares accoun
Callotment account, credit bank account
Dcash account, credit bank aaccount
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Question 28
waec2002
The term bad debt is used to describe
Aa debt that cannot be recovered
Ba debt that is long over due
Can overcharge on a debtor's account
Da debt owned by a former employee
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Question 29
waec2002
A provision is
Aan amount set out of profit for other uses
Ban amount of loss from trading activities
Can expense of buisiness to be paid for in cash
Da loss in value of all business assets
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Question 30
waec2002
Carriage inward expenses of a business is treated in
