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Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The net book value at the time of sale was
AN16,000
BN14,000
CN12,000
DN8,000
EN6,000
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Question 22
waec1997
Which of the following is a normal account?
AMachinery
BDebtors
CCreditors
DSalaries
EGoodwill
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Question 23
waec1997
In a partnership goodwill is recognized when
Aa new partner is admitted
Ba partner is dormant
Cthe business is making huge profit
Dthe business has good customer relations
Eit is a limited partnership
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Question 24
waec1997
An example of appropriation of profit in a company is
Asalaries
Brent income
Cdebenture interest
Ddirector's remuneration
Edividend
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Question 25
waec1997
A Receipt and Payments Account reveals
Anet profit
Bsurplus
Ccash in hand
Dgross profit
Enet loss
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Question 26
waec1997
Which of the following is not a capital expenditure to a local government?
Abeds
Btheatre equipment
Cincubators
Dx-ray machine
Edrugs
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Question 27
waec1997
A sales day book is used to record
Acash sales of stock
Bcredit sales of stock
Ccash and credit sales of stock
Dcash sales of fixed assets
Ecredit sales of fixed assets
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Question 28
waec1997
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
Acurrent asset
Bfixed asset
Ccurrent liability
Daccumulated fund
Egoodwill
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Question 29
waec1997
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
Aundercasting of purchase
Bovercasting of purchases
Coriginal entry
Dtransportation of returns outwards
Eomission of creditor's balance
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Question 30
waec1997
A suspense account is used to
Aagree the trial balance
Brecoord sales
Crecord purchases
Dcorrect errors
Eprepare the balance sheet
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Question 31
jamb1997
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal]
The correct closing balance for lawal's current account is
AN21 100 debit
BN14 740 debit
CN14 740 credit
DN540 credit
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Question 32
jamb1997
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is
AN36 000 Credit
BN16 600 credit
CN16 600 debit
DN1 800 credit
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Question 33
jamb1997
The end result of governmental accounting procedure is to
Akeep proper records of government expenditures
Bgive financial information to the public and investors
Cproduce timely and accurate financial reports for legislators and the public
Dgive information on the performance of public enterprises
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Question 34
jamb1997
Public sector accounting is based on
Acash
Baccrual
Cbudget
Dconsolidated fund
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Question 35
jamb1997
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments
AI and IV only
BII and III only
CII and IV only
DIII and IV only
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Question 36
jamb1997
If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is
AN2 100
BN 200
CN 1 900
DN 100
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Question 37
jamb1997
The acid test ratio in the company is
A1:1
B1:2
C2:3
D3:2
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Question 38
jamb1997
What is the working capital?
AN12 000
BN 11 000
CN 8 000
DN4 000
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Question 39
jamb1997
A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?
AN 500 000
BN 50 000
CN200
DN 20
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Question 40
jamb1997
A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to
