Accounting Past Questions

Question 281

waec 2013

A business is treated as being separated from owners. This statement is emphasized by

Aconsistency concept

Brealization concept

Cgoing concern concept

Dbusiness entity concept

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Question 282

waec 2013

The accumulative fund of a non-for-profit making organization is

Aconsistency concept

Brealization concept

Cgoing concern concept

Dbusiness entity concept

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Question 283

waec 2013

Reserves account is kept in the

Aprivate ledger

Bcreditors ledger

Cnominal ledger

Ddebtors ledger

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Question 284

waec 2013

Which of the following is a nominal account?

Amachinery account

Bdrawings account

Cdebtors account

Dwages account

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Question 285

waec 2013

The double entry principle states that

Aevery debit entry must have a corresponding credit entry

Bevery credit entry must have a corresponding double entry

Cevery debit must must have a corresponding double entry

Devery assets must have a corresponding liability

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Question 286

waec 2013

\(\begin{array}{c|c}
\text{Net profit} & 60,000 \\
\hline
\text{Total assets} & 520,000 \\
\hline
\text{Current liabilities} & 150,000 \\
\hline
\text{Currents assets} & 280,000 \\
\end{array}\)

The returns on capital employed is

A17.2%

B16.2%

C15.2%

D11.2%

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Question 287

waec 2013

Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)
The capital employed is

A₦ 740,000

B₦ 580,000

C₦ 370,000

D₦ 280, 000

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Question 288

waec 2013

Use the following information

\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000 \end{array}\)
The current ratio is?

A1.87 : 1

B1 : 1.87

C1 : 2

D2 : 1

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Question 289

waec 2013

Which of the following is not a book of original entry?

Acash book

Bpurchases ledger returns

Creturns outwards journal

Dgeneral journal

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Question 290

waec 2013

A petty cashier received a float of GHC 84. The imprest is

AGHC 204

BGHC 120

CGHC 84

DGHC 36

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Question 291

waec 2013

A dishonored cheque is

Adebited in cash book

Bcredited in the cash book

Cdouble entry in the cash book

Dcredited in the bank book

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Question 292

waec 2013

The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing

AI, ii, iii and iv

Bii, iii, i and iv

Ciii, i, ii and iv

Div, iii, ii and iv

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Question 293

waec 2013

A credit balance is

Aa liability or an expense

Ban expenditure or an income

Can asset or an expense

Dan income

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Question 294

waec 2013

The capital of a sole trader changes as a result of

Apaying wages by cash

Bequipment purchased by cheque

Cdrawing by cheque

Dpurchase on credit

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Question 295

waec 2013

Which of the following is not a characteristic of trial balance?

Ait has columns for debit and credit balances

Btotal of debit balance equals total of credit balance

Cit is a statement

Dit is an account

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Question 296

waec 2013

The lodgement of business cash into the business bank account is an example of

Acontra entry

Bbank reconciliation

Cself-balancing ledger

Dreversal entry

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Question 297

waec 2013

The distinguishing feature between a two-column cash book is

Adiscount column

Bcash column

Cbank column

Dledger folio

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Question 298

waec 2012

Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\\ \text{Creditors} & 8,000\\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\\ & & & \text{Total 65,000}\end{array}\)
Working capital ratio is

A5 : 4

B5 : 3

C4 : 5

D1 : 2

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Question 299

waec 2012

Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\\ \text{Creditors} & 8,000\\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\\ & & & \text{Total 65,000}\end{array}\)
The amount of working capital is

A₦11,000

B₦7,00

C₦4,000

D₦3,000

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Question 300

waec 2012

\(\begin{array}{c|c} & Le\\ \hline \text{Construction and hospital wards} & 300,000\\ \text{purchase of hospital beds} & 40,000 \\ \text{salaries and wages}& 80,000\\ \text{Purchase of drugs} & 55,000\\ \text{purchases of x-ray machine} & 150,000\end{array}\)
The amount of recurrent expenditure was

ALe 245,000

BLe 175,000

CLe 135,000

DLe 80,000

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