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Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is
A₦400(asset)
B₦150(asset)
C₦150(liability)
D400(liability)
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Question 12
waec2007
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
A₦5,750
B₦5,350
C₦400
D₦115
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Question 13
waec2007
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
A₦5,750
B₦5,350
C₦400
D₦115
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Question 14
waec2007
The assumption that a business has perpetual existence is recognized by
Aentity concept
Bperiodicity concept
Cgoing-concern concept
Drealisation concept
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Question 15
waec2007
In single entry and incomplete records, the net assets method used to ascertain profit is
Anet asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
Bnet asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
Cnet asset at the end of a period - net asset at the begining of a period - drawings
Dnet asset at the end of a period + additional capital - drawings
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Question 16
waec2007
The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up s
A66\(\frac{2}{3}\)%
B50%
C33\(\frac{1}{2}\)%
D25%
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Question 17
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is
A₦14,078
B₦10,290
C₦8,520
D₦3,554
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Question 18
waec2007
Items on the left-hand side of a total debtors account are debits in the
Apurchase ledger
Bsales ledger
Cgeneral ledger
Djournal
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Question 19
waec2007
Which of the following is not a cause of depreciation?
Ainflation
Berosion and decay
Cwear and tear
Dobsolescence
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Question 20
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a
Afixed asset
Bcurrent asset
Ccurrent liability
Dcapital
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Question 21
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as
Acurrent asset
Bcurrent liability
Clong-term liability
Dfixed asset
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Question 22
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The entry for rent received in the profit and loss account for the year ended 31st December 2005 is
Acredit profit and loss account with D4,500
Bcredit profit and loss account with D2,500
Cdebit profit and loss account with D2,500
Ddebit profit and loss account with D,500
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Question 23
waec2007
Use following information to answer the given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The balance as per bank statement is
A₦8,000Cr
B₦6,000Cr
C₦6,00Dr
D₦8,000Dr
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Question 24
waec2007
Use following information to answer the given
\(\begin{array}{c|c} & ₦\\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The adjusted balance as per cash book is
A₦10,800 Cr
B₦5,800Cr
C₦5,800Dr
D₦10,800Dr
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Question 25
waec2007
The profit of sole trader increases his
Astock
Basset
Cliability
Dcapial
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Question 26
waec2007
The total of the discounts is transferred to
Acredit side of Discounts Received Account
Bdebit side of Discounts received account
Ccredit side of Discounts allowed account
Ddebit side of discounts allowed account
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Question 27
waec2007
The total of the discount from creditors is transferred to
Acredit side of discounts received account
Bdebit side of discounts received account
Ccredit side of discounts allowed account
Ddebit side of discounts allowed account
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Question 28
waec2007
The sum of money given to a petty cashier out of which small payments are made is a/an
Abonus
Bloan
Cadvance
Dfloat
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Question 29
waec2007
A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is
