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A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net book value at the time of sales is
AD 64,000
BD 60,000
CD 40,000
DD 36,000
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Question 12
waec2009
A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net profit or loss on the sale was
AD 40,000 profit
BD 4,000 profit
CD 4,000 loss
DD 40,000 loss
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Question 13
waec2009
Credit sales was debited to A. Akpan instead of B. Akpan. This is an error of
Aprinciple
Boriginal entry
Comission
Dcomission
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Question 14
waec2009
The petty cash book has
Aa debit balance only
Ba credit balance only
Ca nill balance only
Dboth debit and credit balances
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Question 15
waec2009
The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, the value of the ordinary share capital to be stated in the balance sheet is
ALe 9,000,000
BLe 7,200,000
CLe 4,800,000
DLe 4,000,000
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Question 16
waec2009
The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, What is the amount of the share premium?
ALe 9,000,000
BLe 500,000
CLe 3,000,000
DLe 2,400,000
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Question 17
waec2009
The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, what is the amount of preference dividend and recommended ordinary divided of Le 0.10 per share
ALe 600,000
BLe 500,000
CLe 3,00,000
DLe 5,000
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Question 18
waec2009
In a not for profit making organization, the excess of income over expenditure is
Aadded to capital
Badded to accumulated fund
Cdeduced from capital
Ddeducted from accumulated fund
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Question 19
waec2009
Programs installed in computers to facilitate processing of data are
Ahardwares
Bsoftware
Cmagnetic tapes
Ddiskettes
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Question 20
waec2009
The document making a public offer for he sale of a company's share is
Amemorandum of association
Barticles of association
Cprospectus
Dcertificate of registration
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Question 21
waec2009
The purchase of a typewriter for office use for ₦2,000 is debited to
Acreditors
Bbank account
Cpurchases account
Dequipment account
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Question 22
waec2009
Which of the following does not appear in a bank statement?
Adividend received
Bbank charges
Cuncredited cheques
Ddishonoured cheques
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Question 23
waec2009
Cost of extension to a factory building is classified as
Acapital receipt
Brevenue expenditure
Ccapital expenditure
Drevenue receipt
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Question 24
waec2009
Which of the following is not part of factory overhead?
Afactory salaries
Bfactory lighting and heating
Cdepreciation of plant and machinery
Ddepreciation of furniture and fixtures
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Question 25
waec2009
The total debtors account of trading concern is N13,000. out of this 2% is irrecoverable, 5% of the balance is not like to be collected. What is the provision for doubtful debts?
AN910
BN650
CN637
DN260
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Question 26
waec2009
A three column cash book contains column for
Acash, assets and liabilities
Bbank, cash and assets
Ccash, bank and return
Ddscount, cash and bank
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Question 27
waec2009
A difference between the debit and credit totals in a trial balance is placed in
Abank reconciliation statement
Bprofit and loss account
Csuspense account
Dappropriate account
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Question 28
waec2009
Which of the following is not a source of revenue for local government?
Amining royaltyies
Bradio and TV licences
Ctenement/property rates
Dbusiness permit fee
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Question 29
waec2009
"Financial statements do not a disclose all information users need to know about a firm" This is the concept of
Aconsistency
Bmoney measurement
Cdual aspect
Dmateriality
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Question 30
waec2009
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 3150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\)
The total factory overhead is
