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Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Gross profit for the year was
A₦4,650
B₦4,200
C₦3,750
D₦2,400
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Question 22
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Cost of sales for the year was
A₦10,965
B₦8,565
C₦7,215
D₦6,765
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Question 23
waec2007
A debit entry in the cash account and a corresponding credit in Alieu's account indicate a
Areceipt of cash from alieu
Bpayment of cash to Alieu
Csale of goods to Alieu for cash
Dpurchases of goods from alieu for cash
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Question 24
waec2007
Adobaw extracted a trial balance on 31st December 2005 and realized that the total of debit balance exceeded the total of credit balance. Pending investigation the difference should be
Adebited to suspense account
Bcredited to suspense account
Cdebited to assets accounts
Dcredited to asset account
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Question 25
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Sales for the year was
A₦11,430
B₦11,295
C₦11,130
D₦10,965
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Question 26
waec2007
Which of the following statements is not true?
Aa trial balance is an account having debit and credit sides
Bexpenses, losses and assets have debit balances
Crevenues, gains and liabilities have credit balances
Da trial balance is a list of balances extracted from ledger accounts
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Question 27
waec2007
Financial accounting information is for
Ainternal use only
Bexternal use only
Cbusiness use only
Dinternal and external use
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Question 28
waec2007
Which of the following is not shown in the trial balance?
Aopening stock
Bclosing stock
Cdiscounts allowed
Ddiscounts received
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Question 29
waec2007
An example of direct expenses is
Ainsurance
Bcarriage inwards
Cpurchases of raw materials
Droyalty
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Question 30
waec2007
Factory costs excluding prime cost is
Aoverhead
Bmaterial cost
Cfixed cost
Dadministration cost
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Question 31
waec2007
The manufacturing account is prepared to determine the cost of
