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Payment for shares in installments is done by means of
Acalls
Bcirculars
Csubscription
Dinvitation
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Question 14
waec2008
The class of shares to which payment of dividend depends on profit is
Aforfeited shares
Bordinary shares
Cbonus shares
Dpreference shares
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Question 15
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The cost of goods sold is
ALe 185,100
BLe 139,200
CLe 136,200
DLe 131,200
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Question 16
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The net profit is
ALe 42,200
BLe 37,200
CLe 32,200
DLe 19,200
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Question 17
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The gross profit is
ALe 47,200
BLe 42,200
CLe 37,200
DLe 19,800
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Question 18
waec2008
A cash payment of ₦85 to Regina was entered in the books as ₦58. The entries to correct the error are: debit
Aregina's account ₦27 : credit cash account ₦27
Bcash account ₦27 : credit Regina's account ₦27
CRegina's account ₦143 : credit cash account ₦143
Dcash account ₦143 : credit Regina's account ₦143
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Question 19
waec2008
Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the registrar of companies?
Aauthorized capital
Bregistered capital
Cissued capital
Dnorminal capital
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Question 20
waec2008
The purchase of furniture, an asset to the company was debited to purchases account. This is an error of
Aomission
Boriginal entry
Cprinciple
Dcommission
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Question 21
waec2008
Which of the following is not an item in the appropriation account of a company?
Ageneral reserve
Bcompany tax
Cdebenture interest
Dgoodwill written off
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Question 22
waec2008
The difference between factory cost of goods produced and its market value is
Ainterest
Bpremium
Cmanufacturing profit
Dmanufacturing overhead
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Question 23
waec2008
Which of the following is not a debit item in partners appropriation account?
Ainterest on capital
Bsalary
Cshare of profit
Dshare of loss
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Question 24
waec2008
Use the following information
\(\begin{array}{c|c} & ₦\\ \hline\text{Opening capital} & 60,000\\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Closing capital is
A₦81,000
B₦78,000
C₦74,000
D₦64,000
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Question 25
waec2008
Use the following information
\(\begin{array}{c|c} & ₦ \\\hline \text{Opening capital} & 60,000 \\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Net profit is
A₦ 43,000
B₦25,000
C₦23,000
D₦18,000
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Question 26
waec2008
Which of the following is not a debit item in a partnership appropriation account?
Acapital
Bdrawings
Ccreditors
Dbank balance
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Question 27
waec2008
Which of the following is a debit entry in debtors control account?
Acredit sales
Bbad debts
Creturns inwards
Ddiscounts allowed
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Question 28
waec2008
Final accounts of a not-for-profit making organization is made up of
Asubscription accounts and income and expenditure accounts
Bsubscriptions accounts and balance sheet
Cincome and expenditure account and balance sheet
Dreceipts snd payments account and income and expensiture account
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Question 29
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The dividend payable to preference shareholders is
A₦9,000
B₦6,000
C₦3,000
D₦2,400
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Question 30
waec2008
Which of the following is not a characteristic of a computer?
